Virtuzone, provider of business formation and corporate services is set to accept cryptocurrency payments for businesses through Binance Pay that will help reduce payment barriers startups face when working to set up their businesses in the UAE.
Through this tie up with Binance, the blockchain ecosystem and cryptocurrency infrastructure provider, Virtuzone will “generate more synergies between the business setup and crypto industries, with an overarching goal of building a crypto-friendly and tech-centric business environment.”
This is part of Virtuzone’s move to advance the use of cryptocurrencies and blockchain technologies, creating further business opportunities with Web 3.0 in the UAE.
“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,” said Neil Petch, Virtuzone’s Chairman.
“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,” he noted.
UAE aims for 20 startups valued at more than $1 billion by 2031 as it looks to expand the market to attract entrepreneurs for growing their businesses.
Additionally, the UAE is positioning to be a global crypto hub with Crypto.com, FTX, Bybit, among others setting up operations in the region, easing the way for companies with focus in decentralised finance (DeFi), blockchain technologies, non-fungible token (NFT) development and trading.
Binance is seeing a massive influx of capital and talent due to the emergence of Web3 and the platform aspires to be the gateway to Web3. Since 2017, Binance has expanded its product lines as users began seeking access to new, innovative blockchain-powered offerings.
With the Dubai Virtual Assets Regulatory Authority (VARA) and Virtual Assets Law, UAE has been fostering an environment for the growth of its crypto industry as a hub for innovation and next-generation technologies.
Virtuzone joins Microsoft, Whole Foods and Home Depot as companies in accepting Bitcoin as payment for their products and services.
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