Dubai’s Retail Giant Majid Al Futtaim Accepts Crypto at 29 Shopping Malls and 13 Hotels in Partnership With Binance – Last week, Majid Al Futtaim, a leading operator of shopping malls, hotels, theaters, hypermarkets, as well as retail stores in the Middle East, Africa, and Asia, announced a strategic partnership with Binance, the world’s largest cryptocurrency exchange. A number of crypto and blockchain initiatives will be worked on by the two companies.
First, according to the announcement, Binance Pay would be integrated to allow millions of users to pay with cryptocurrency “at Majid Al Futtaim’s numerous destinations in accordance with appropriate laws and regulations.” According to Binance’s website, Binance Pay presently supports more than 40 cryptocurrencies.
Also Read: Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto
Last week, Binance CEO and co-founder Changpeng Zhao (CZ) tweeted:
Binance Pay is now accepted at 29 shopping malls, 13 hotels, and four mixed-use communities. Adoption is still going on.
Majid Al Futtaim operates in 17 countries, according to the company’s investor presentation from February.
The group owns 29 shopping malls in five Middle Eastern and North African countries, including the Mall of the Emirates, Mall of Oman, Mall of Egypt, and Mall of Saudi. Its malls were visited by 175 million people in 2021.
In addition, the company operates 423 Carrefour stores in 16 Middle Eastern countries and has exclusive franchise rights in over 30 Middle Eastern, North African, and Commonwealth of Independent States (CIS) regions.
Additionally, the company owns and operates 13 hotels (11 in the UAE and two in Bahrain), as well as 607 cinema screens.
“Majid Al Futtaim is one of the most prestigious businesses in the Middle East, with millions of clients each year,” Zhao added. “By incorporating Web3 technology, it will provide its customers with inventive new ways to engage with its brands and new methods to pay.”
Also Read: South Korea to Invest $177 Million Directly in Metaverse Platforms
Dubai’s Retail Giant Majid Al Futtaim Accepts Crypto at 29 Shopping Malls and 13 Hotels in Partnership With Binance – Other projects in which the two companies will collaborate include the listing of non-fungible tokens (NFTs) on Binance’s marketplace and the development of a digital wallet infrastructure that can hold cryptocurrencies from numerous platforms.
