Binance, Virtuzone Form Strategic Partnership to Boost Crypto Adoption in the UEA

Fazzaco learned that Binance has partnered with Virtuzone, the UAE's leading provider of business formation and corporate services. With the partnership, the company has become the first in the UAE to accept crypto payments for business setup through Binance Pay.

Virtuzone, taking the lead in early adoption of cryptocurrency, has joined JA Resorts & Hotels and Majid Al Futtaim as pioneering companies in the UEA that have integrated Binance Pay into their systems.

As a proprietary crypto payment technology designed by Binance, Binance Pay can facilitate contactless, borderless and secure crypto payments and transfers. The solution will avoid fees and delays that incur when hiring intermediaries or third parties to handle transactions since it supports a number of cryptocurrencies, allows instantaneous money transfers globally and enables user-to-user transfers.

Additionally, Virtuzone seeks to boost adoption of cryptocurrencies and blockchain technologies in the country. The company also aims to play a key role in the Web 3.0 movement in the UAE.

"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, " said Neil Petch, Chairman and Co-founder of Virtuzone. "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, Commented on the effect of the partnership in the UAE's business sector: "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."

"As a leader in its space, Virtuzone's decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation and demonstrates the way forward when it comes to setting up businesses in the UAE. 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," said Nadeem Ladki, Executive Director of Business Development and Strategic Partnerships at Binance.

Binance has made great efforts in boosting global crypto payments. Most recently,  the world's leading crypto exchange has collaborated with Mastercard to launch a cryptocurrency payment card.