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Dubai-Based Virtuzone to Accept Crypto Payments via Binance Pay
The business formation services provider is joining a number of other UAE companies using Binance Pay for crypto payments.
Updated May 11, 2023, 5:41 p.m. Published Aug 29, 2022, 7:01 p.m.
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Dubai-based business formation services provider Virtuzone has begun accepting cryptocurrency payments using Binance Pay.
"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,” said Nadeem Ladki, executive director of Business Development and Strategic Partnerships at Binance, in a Monday press release.
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Binance Pay, a contactless cryptocurrency payment service designed by crypto exchange Binance, supports more than 40 cryptocurrencies, including bitcoin (BTC), ethereum (ETH), and USD coin (USDC). The platform is intended to enable instantaneous international money transfers and user-to-user transfers, eliminating third-party transaction fees.
Aiming to become a crypto hub, Dubai in recent months established a Virtual Assets Regulatory Authority (VARA) and adopted a number of crypto-friendly laws. Among the developments is Dubai’s push to grant operating licenses to several prominent cryptocurrency exchanges, which may have hastened companies’ adoption of crypto payments across the emirates.
A number of other UAE-based businesses, JA Resorts and Hotels, Majid Al Futtaim, and luxury property developer Damac among them, have been recent adopters of Binance Pay.
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Binance converts its $1 billion safety net into 15,000 BTC
The crypto exchange finalized a 30-day plan to convert its stablecoin-backed user protection fund into 15,000 BTC, reinforcing bitcoin as its long-term reserve asset.
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- Binance purchased a final 4,545 bitcoin, bringing SAFU holdings to 15,000 BTC worth about $1 billion at completion.
- The move comes after a January 30 announcement that the exchange would convert $1 billion worth of stablecoins into bitcoin.
- SAFU, created to protect users from hacks and unforeseen losses, is now fully backed by bitcoin, with a pledge to replenish funds if value falls below $800 million.
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