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setting iconStakeholder EngagementAnnounced

Leading Dubai Retailer To Accept Crypto Payments For Its Hotels And Malls

Milestone Date: June 5, 2022

Payments

Majid Al Futtaim, a prominent entity that manages shopping malls, hotels, cinemas, hypermarkets, and retail stores across the Middle East, Africa, and Asia, unveiled its strategic alliance with Binance, one of the most popular global cryptocurrency exchanges. This partnership aims to foster collaboration on various ventures involving cryptocurrency payments, non-fungible tokens (NFTs), and digital wallet infrastructure.

The first phase of the partnership includes integrating Binance Pay as the payment solution for Majid Al Futtaim’s customers who want to use crypto at its 29 shopping malls, 13 hotels, and 4 mixed-use facilities. The retail giant operates in 17 countries, and some of its properties include high-profile malls in the Middle East and North Africa, such as Mall of the Emirates, Mall of Egypt, Mall of Oman, and Mall of Saudi.

“Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year,” said Changpeng Zhao (CZ), CEO and co-founder of Binance. “Integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay.”

Future projects between the companies include listing NFTs on Binance’s marketplace, as well as developing a digital wallet for users to hold cryptocurrencies.

This move highlights a significant step forward for the adoption of blockchain in the retail industry, allowing shoppers in the Middle East and North Africa to utilize cryptocurrencies for everyday transactions. Majid Al Futtaim's commitment to embracing emerging technologies like blockchain and digital currencies demonstrates their dedication to staying at the forefront of retail innovation.

By Elizabeth Morrison

Published:June 5, 2022

Sources

News

Dubai's Retail Giant Majid Al Futtaim Accepts Crypto at 29 Shopping Malls and 13 Hotels in Partnership With Binance

Bitcoin.com - News

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