The leading shopping mall conglomerate in Dubai, Majid Al Futtaim, has announced that it will be accepting payment in cryptocurrency in partnership with Binance.
According to the shopping mall giant, cryptocurrency payment is now possible in all its malls and other properties via Binance Pay.
Reacting to the new development, Binance’s CEO, Changpeng Zhao, noted that Majid Al Futtaim is one of the leading business establishments in the Middle East. And due to its large customer base, Binance is glad to partner with it to expand cryptocurrency payment.
The Newcomer to Crypto Payment
Majid Al Futtaim is the leading operator of shopping malls in Dubai, alongside hotels, cinemas, and retail stores. Moreover, its operations cut across the Middle East and some outlets in Africa and Asia.
The business behemoth announced a strategic partnership with crypto exchange giant, Binance, over the past week. Accordingly, the two entities are to cooperate on numerous blockchain and crypto projects.
Meanwhile, the deal between the two companies began with the integration of Binance Pay to allow Al Futtaim customers to pay in crypto. The payment solutions are in line with the appropriate regulations regarding digital payment in the UAE.
According to the Binance website, Binance Pay currently supports over 40 cryptocurrencies, with more to follow. The co-founder of Binance, Chanpeng Zhao, tweeted about Binance Pay adoption as it continues to expand.
Majid Al Futtaim is the latest to adopt Binance Pay, and the current deal is a massive one going by the company’s status.
Majid Al Futtaim’s Operational Base
The latest investor report of the company, released in February, shows the number of countries Majid Al Futtaim is operating in. According to the report, the company operates in 17 countries and has further expansion plans.
Part of the shopping mall operator’s properties are 29 shopping malls spread across five Middle Eastern and North African countries. The most prominent ones are the Mall of the Emirates, the Mall of Egypt, the Mall of Oman, and Saudi Arabia.
Last year, 175 million visitors were in the various Al Futtaim malls worldwide.
Moreover, the company has a vast business franchise in more than 30 countries across the Gulf region, Africa, and several Commonwealth Independent States. Additionally, it operates 423 stores in 16 countries throughout the Gulf region.
Part of the company’s properties includes 13 hotels, two in Bahrain and 11 in Dubai. Also included as part of Majid Al Futtaim’s properties are 607 cinemas across different countries.
According to Zhao, Binance’s partnership with Majid Al Futtaim is a considerable investment drive from both companies. By integrating Web3 solutions, Majid Al Futtaim provides its customers with payment options to choose from, and crypto is one of them.
The company could use Web3 technology to provide its customers access to more innovative ways of paying and services. Customers get to engage more with Al Futtaim’s brand than before.
The companies will collaborate on NFTs and other crypto and blockchain projects as part of the deal.