The Majid Al Futtaim company, known for running a supermarket chain in the UAE, partnered with Binance to accept crypto. To be more exact, the firm will accept Bitcoin as a means of payment in its supermarkets, hotels, and commercial stores.
The UAE retailer has reportedly partnered with the Binance Exchange to make its goals possible. The trading company would be familiarizing itself with Blockchain networks and the entire crypto market to use at the right time.
UAE retailer turns to Binance for crypto payments
The United Arab Emirates has recently gained priority in the entire crypto scheme because several companies adopted cryptos. The firm Majid Al Futtaim recently partnered with Binance to accept Bitcoin in its commercial area. The crypto exchange has been gaining priority in the European and Asian territories for some time now.
According to the director of the Arab company, Binance will work in several commercial stores of the company. All these advances are governed by the legal statutes imposed by the highest regulatory authority in Dubai.
But the crypto exchange announced that 40 tokens would be accepted, including Bitcoin. The exchange will reach 29 supermarkets in the UAE and the African territory due to the support of Majid Al Futtaim and other associated firms.
Majid Al Futtaim as a crypto promoter
Crypto fans will be interested in learning about this partnership between the crypto exchange and the retail firm. This is because the company gains power in the entire Arab zone due to the number of hotels and supermarkets it provides. The crypto trade could profit from this new adoption wave among Arab and African citizens.
According to reports, the retail firm operates in 17 countries worldwide, not counting the partnerships it shares with other companies. In 2021 alone, the company showed impressive figures in the number of people who came to its supermarkets and hotel chains. This panorama of earnings will be linked to crypto, knowing these virtual transactions will become more frequent.
Binance acknowledges that crypto trading is going through a bad time where Bitcoin, the first developed cryptocurrency, has fallen by over 60 percent of its value since 2021. However, with these new adoptions, it is expected that the crypto and the entire virtual commerce will raise their price before the end of the year. It is also indicated that the retailer would be investigating the NFT market and using Blockchain networks.