Majid Al Futtaim partners with Binance for crypto payments and Web3 capabilities

    04 Jun 2022

    Majid Al Futtaim (MAF), a UAE-based shopping conglomerate, has partnered with crypto exchange and blockchain infrastructure provider Binance, that will provide MAF to harness Web3 technologies to future-proof its business. The deal will allow customers to purchase with crypto at MAF’s businesses.

    Even with the latest decline in the crypto market, blockchain technology is rapidly being adopted across the United Arab Emirates, with the recent development being a partnership between Binance, one of the world’s leading crypto exchanges, and UAE shopping conglomerate Majid Al Futtaim.

    As a result, the agreement will see the two cooperate on a number of blockchain projects, including listings of NFTs on Binance’s marketplace, the creation of a digital wallet infrastructure to hold virtual assets from multiple platforms, and the integration of Binance Pay – allowing customers to purchase with virtual assets at Majid Al Futtaim’s various destinations.

    “The exponential rate of technology development today is matched only by consumers’ voracious appetite for exceptional customer experiences in both the physical and digital world,” Alain Bejjani, Majid Al Futtaim CEO, said.

    Binance CEO and co-founder, Changpeng “CZ” Zhao, said that “integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay.”

    “Through partnerships like these, we will see the innovative use-cases that come to define the next digital era emerge, and Majid Al Futtaim is positioned to become a trailblazer in bridging the gap between physical and Web3 experiences,” he added.

    Binance Pay is a contactless, borderless gateway available on the Binance App that lets consumers and merchants worldwide utilize cryptocurrency for free.

    Recently, Binance has launched a crypto-to-crypto payment gateway for hotels in the UAE. This allows guests of the Manor hotel, located at Al Furjan, to pay using cryptocurrency.

    Now, the gateway is accessible through The Manor’s official website with strict security measures to protect customers. Payments are facilitated by cryptocurrency exchange Binance. The crypto-to-crypto gateway to support virtual assets like BNB, Bitcoin, and Ethereum.

    Majid Al Futtaim is a shopping mall and retail corporation based in the United Arab Emirates that was created in 1992 by Majid Al Futtaim, an Emirati billionaire businessman. Since then, the company has grown to employ over 43,000 individuals in 15 different foreign regions.

    Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighborhood centers, and four community malls in a joint venture with the Sharjah government make up the retail mall portfolio. Carrefour’s sole franchisee in 37 markets across the Middle East, Africa, and Asia, with a portfolio of over 270 shops in 15 countries, is the company.

    Majid Al Futtaim owns and runs 29 shopping malls, 13 hotels, and four mixed-use communities across the UAE, with more projects in the pipeline.

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