Binance partners with Virtuzone to allow UAE entrepreneurs to repay loans in crypto

Virtuzone, the UAE’s leading firm providing corporate and business formation services, announced a strategic partnership with Binance to enable digital payments via Binance Pay on August 29. The company joins the list of major businesses in the UAE, such as JA Resorts and Hotels and Majid Al Futtaim, to officially accept cryptocurrencies following the integration of Binance Pay.

Binance marked its presence among the Middle East investors by running various licensed operations in Abu Dhabi, Dubai, and other regions. Targeting efforts in UAE mainstream corporate sector, Binance partnered with business lender Virtuzone, allowing new entrepreneurs to repay loans using cryptocurrencies, according to a press release published on August 29.

Virtuzone joins the list of major businesses in the UAE, such as JA Resorts and Hotels and Majid Al Futtaim, to officially accept cryptocurrencies after integrating Binance Pay into its payment gateway. In addition, by providing businesses the option to repay seed and other forms of funding through cryptocurrencies, the company intends to reduce barriers to entrepreneurship and support the startup communities.

As blockchain VC funding went down over 43% in July, entrepreneurs are on the lookout for obtaining funds for new crypto ventures amid an ongoing bear market. In addition to serving this need, Virtuzone also revealed plans to expedite Web3 adoption in the Middle East.

“The market that is developing in the UAE around the Web3 industry, thanks to a number of government initiatives, is one that will become a global hub for investors in digital assets,” Richard Teng, head of Binance MENA, told Cointelegraph.

As per Teng, Binance also expects the Middle East and North Africa region to enjoy strong demographic growth in the next three decades. However, Teng believed that entering the untapped market requires the introduction of a regulatory framework for crypto and digital assets.

“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. 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,” said Neil Petch, co-founder and chairman of Virtuzone, speaking about the partnership’s goals.

Binance Pay is a crypto payment solution operated under the supervision of a global tech giant and crypto exchange that enables borderless, contactless, and secures digital funds transfers. It provides user-to-user transfers and supports a waste number of cryptos to transfer money anywhere in the world. And as it does not need any third-party counters to process, it prevents delays and fees, making the process cheaper.

“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,” Binance’s Executive Director, Nadeem Ladki, added. “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.”