Binance has entered into a strategic collaboration with Virtuzone, a UAE corporate services provider. Virtuzone confirmed the development in a press release. Binance intends to ride on the partnership to become the first UAE corporate services provider to accept crypto payments. This, according to the firm, will be done through Binance Pay.
Virtuzone, with this development, joins other UAE firms that have integrated Binance Pay into their networks. Firms like JA Resorts and Hotels and Majid Al Futtaim had earlier incorporated the technique to foster crypto payments in the country.
The corporate services provider will bridge the gap in entrepreneurship by allowing companies to facilitate crypto payments. According to Virtuzone, the move will grossly bring numerous global business opportunities. Virtuzone plans to use Binance Pay to upgrade the usage of cryptos in the UAE. Also, the company is already investing in the Web 3.0 movement taking shape in the UAE.
The co-founder of Virtuzone, Neil Petch, has reacted to the development. Petch hinted that the firm’s collaboration with Binance illustrates its dedication to sustaining the pursuit of “innovative solutions that will positively impact the UAE startup community while expanding the future possibilities and opportunities for Virtuzone and its clients.” The co-founder added that Virtuzone’s partnership with Binance places the firm at the vanguard of a remarkable virtual transformation.
The CEO of Virtuzone, George Hojeige, maintained that the firm’s strategic collaboration with Binance aims to facilitate more synergies between the businesses and the crypto sphere. According to the CEO, Virtuzone plans to initiate “a crypto-friendly and tech-centric business environment where we can ease the way for the establishment of companies specializing in decentralized finance (DeFi), blockchain technology, and non-fungible token (NFT), further establishing the UAE as a pivotal hub for innovation and next-generation technologies.”
The executive director of business development and strategic partnerships with Binance, Nadeem Ladki, noted that the decision of Virtuzone to embrace crypto payments by integrating Binance Pay into its system “demonstrates the way forward the decentralized setting up businesses in the UAE.” He further said that “the ease with which to use Binance Pay anywhere in the world, coupled with best in class security and technology, will be a huge draw to the local and global startup community looking to build their businesses out of the UAE.”
How does Binance Pay work?
Binance Pay runs as an effective crypto payment mechanism. It usually allows for contactless, borderless, and secure crypto payments. Binance Pay supports scores of cryptos, paving the way for efficient transfer of funds globally; the platform also unlocks user-to-user transfers, thereby eliminating the fees incurred in transactions carried out by intermediaries.
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