According to the official press release, Virtuzone aims to create barriers to entrepreneurship by facilitating cryptocurrency payments to prepare the company. Creating more opportunities for global companies in an effort to leverage the UAE’s thriving start-up community is another key focus behind the strategic partnership.
Integration with Paynance Bay Payment Portal
For context, Binance Pay happens to be a proprietary cryptocurrency payment technology designed by the exchange to make contactless, unlimited and secure cryptocurrency payments and transfers. JA and Majid Al Futtaim resorts and hotels are some of the other companies in the UAE that have already integrated Binance Pay into their systems.
Interestingly, Virtuzone has become the first company in the Middle East to accept cryptocurrency payments for business preparation with the latest move.
George Hoggig, CEO of Virtuzone,
“Our alliance with Binance aims to generate greater synergy between business preparation and crypto industries, with the overarching goal of building a crypto-friendly, technology-focused business environment where we can ease the way to create decentralized finance companies (DeFi), blockchain technologies, developing and trading non-replaceable codes (NFT), and further solidifying the UAE as a hub.
Virtuzone Chairman and Co-Founder Neil Beach said collaborating with a leading tech leader like Binance is expected to put the company at the forefront of digital transformation and the fourth industrial revolution across the UAE and the region.
The UAE is set to become a major crypto hub
The Emirate of Dubai adopted a new law designed to determine how local regulators oversee the emerging asset class earlier this year. The much-needed clarity in space quickly led to pioneering crypto exchanges such as Binance, FTX and CryptoCom to carve a foothold in the Middle East.
The law focuses on furthering the UAE’s ambitions to become a central cryptocurrency. It proposes legal definitions of digital assets, establishes a licensing system as well as details of penalties if companies and organizations are found operating outside borders.