Virtuzone Partners with Binance in the UAE, Pushing Crypto Adoption

Paigambar Mohan Raj
Souce: Pexels

Virtuzone has partnered with Binance to become the first company in the United Arab Emirates (UAE) to accept crypto for businesses. The firm will use the Binance Pay service to facilitate its new ambitions. Virtuzone is the top provider of corporation and business formation services in the UAE.

Virtuzone intends to remove entrepreneurial barriers by helping businesses to enable crypto payments. Furthermore, they intend to improve the opportunities for international companies to engage with the vibrant startup scene in the nation. The company also aims to promote and advance the use of crypto in the UAE.

Chairman and Co-founder of Virtuzone Neil Petch stated,

“The partnership we have forged with Binance reflects our commitment to continue our pursuit of innovative solutions that will positively impact the UAE startup community, whilst expanding the future possibilities and opportunities for Virtuzone and its clients. Collaborating with a renowned Web 3.0 technology leader like Binance puts us at the forefront of digital transformation and the Fourth Industrial Revolution across the UAE and the region.”

George Hojeige, CEO of Virtuzone, further added,

“Our alliance with Binance is geared at generating more synergies between the business setup and crypto industries, with an overarching goal of building a crypto-friendly and tech-centric business environment where we can ease the way for the establishment of companies specialising in decentralised finance (DeFi), blockchain technologies, non-fungible token (NFT) development and trading, and more, further establishing the UAE as a pivotal hub for innovation and next-generation technologies.”

Binance helping UAE build its crypto future?

The UAE is sure to become a hub for crypto and web3 developments. Dubai, in particular, has gained a name for being crypto-friendly. Additionally, more and more crypto-related businesses are moving to the UAE for their crypto policies and ease of business.

Binance seems to be going hand-in-hand with the developments in the UAE. The Binance Pay service has helped many businesses accept crypto as a means of payment.

With its partnership, Virtuzone has joined a group of leading businesses in the UAE that have implemented Binance Pay in their systems. Others in the group are JA Resorts & Hotels and Majid Al Futtaim. Because of Binance’s partnership with Majid Al Futtaim, Binance Pay is now accepted in 29 retail malls, 13 hotels, and four mixed-use communities in the UAE.

Binance Pay allows contactless, borderless, and secure cryptocurrency payments and transfers. The service has allowed businesses to facilitate crypto payments or payments in general without an intermediary.

Recently, the Virtual Asset Regulatory Authority [VARA] of the UAE rolled out its new regulatory guidelines on promotions, marketing, and advertising of virtual assets throughout Dubai. The platform intends to create a legal framework that upholds security without hampering innovation and economic prospects.