2022 has been a difficult year for the collective crypto market. A prolonged bearish period has taken down multiple firms and exchanges but Binance has been able to avoid such situations. The Middle East appears to have lured in the exchange in many ways. Continuing its inclination towards the region, the world’s largest crypto exchange partnered up with Bahrain’s EazyPay.
As per recent reports, Binance would be able to offer crypto payments to more than 500 merchant stores across the region. Customers will be allowed to pay in “real-time” at merchant stores with crypto.
EazyPay emerged as a major network after it was recognized for its Point-of-Sale [POS] as well as Online Payment Gateway Acquiring services. Customers will have to merely scan a QR code that would be generated through EazyPay’s POS.
Here, customers would need the Binance application in order to pay with their desired cryptocurrency. Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy Financial Services, pointed out that the latest news was a milestone for both the parties involved in the deal.
Nadeem Ladki, Head of Business Development at Binance MENA added,
“As a leader in its space, EazyPay decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation and demonstrates the way forward when it comes to the payment industry as we transition into the Web3 economy.”
Here’s where Binance Pay will come in handy
As mentioned earlier, users will be allowed to pay in over 70 cryptocurrencies across the Kingdom of Bahrain. Merchants such as Lulu Hypermarket, Jasmi, Al Zain Jewelry, Sharaf DG, and several others would accept a wide range of cryptocurrencies from Binance Pay.
The Bahrain-based platform intends to be a pioneer in offering the very first regulated crypto payments service provider in the region.
It should be noted that this isn’t Binance’s first venture in Bahrain. Back in May, the firm managed to bag a crypto-asset service provider license from the Central Bank of Bahrain [CBB]. The exchange emerged as the very first exchange to amass a category 4 license by the CBB.
Recently, the firm was granted a Minimal Viable Product license for its crypto services in Dubai.
Furthermore, Binance’s extensive inclination towards the Middle East has the community speculating that the firm might set up its headquarters in the region.