Virtuzone has partnered with Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, to become the first company in the UAE to accept cryptocurrency payments for business setup through Binance Pay.
Leading its niche in the early adoption of cryptocurrency, Virtuzone intends to help reduce barriers to entrepreneurship by enabling cryptocurrency payments for company setup, and simultaneously create more opportunities for global businesses to tap into the country’s thriving startup community.
Through the strategic partnership, Virtuzone also seeks to advance the use of cryptocurrencies and blockchain technologies in the country, while playing a key role in the Web 3.0 movement in the UAE.
With this development, Virtuzone has joined the ranks of JA Resorts and Hotels and Majid Al Futtaim as pioneering companies in the UAE to have integrated Binance Pay in their systems.
Binance Pay, a proprietary cryptocurrency payment technology designed by Binance, facilitates contactless, borderless and secure cryptocurrency payments and transfers. It supports a number of cryptocurrencies, allows instantaneous money transfers globally and enables user-to-user transfers, thus removing the fees and delays that come with transactions handled by intermediaries or third parties.
Neil Petch, Chairman and Co-founder of Virtuzone, said: “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.”
Speaking on the effect of the partnership in the UAE’s business sector, George Hojeige, CEO of Virtuzone, added: “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.”
Nadeem Ladki, Executive Director of Business Development and Strategic Partnerships at Binance, said:
“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.”