Virtuzone joins the list of mainstream businesses in the UAE, such as JA Resorts and Hotels and Majid Al Futtaim, to officially accept cryptocurrencies following the integration of Binance Pay. 1162 Total views 34 Total shares Listen to article 0:00 News Binance marked its presence among the Middle East investors by running various licensed operations in Abu Dhabi,Dubai and other regions. Targeting efforts in United Arab Emirates (UAE) mainstream corporate sector, Binance partnered with business lender Virtuzone, allowing new entrepreneurs to repay loans using cryptocurrencies.
Virtuzone joins the list of mainstream 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 UAEs no. 1 company formation specialist, #Virtuzone takes the lead by becoming the first corporate services provider in the country to form a strategic partnership with @binance & accept #crypto payments via #Binance Payhttps://t.co/2fZWbh5uQs@nadeemladki @GeorgyGeorge9 pic.twitter.com/uiZxPAaTXp #VIRTUZONE (@Virtuzone_UAE) August 29, 2022
With blockchain venture capital funding going 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. On this note, speaking to Cointelegraph, Richard Teng, head of Binance Middle East and North Africa (MENA), stated: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.
Binance also expects the MENA 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.
Related: Binance Aus ramping up measures to protect vulnerable users, says CEO
Binance CEO Changpeng CZ Zhaos intent to work with the regulators has been established as a well-known fact. In doing so, the exchange restricted the account of Tezos staking rewards auditor Baking Bad as the result of a law enforcement request.
Binance is required to cooperate with such requests, the same as any other exchange. There is a process to contest the seizure with the agency should you wish to pursue that path. But that is done through the agency, Binance has zero control over that process, explained the exchange while sufficing the move. #UAE #Altcoin #Business #Investments #Adoption #Entrepreneurs #Binance Related News What is impermanent loss and how to avoid it? Play-to-earn mania has cooled, but this new game spots a big opportunity Organizations bring Africa, Costa Rica and Ukraine to the Metaverse to raise awareness Crypto market turmoil highlights risks of leverage in trading $200M BitGet BTC-USDT protection fund hints at investor-centric trend Metaverse promises: Future of Web3 or just a market gimmick?
