Palazzo Versace Dubai now accepts cryptocurrency !

The Palazzo Versace Dubai, a 5-star luxury hotel based in the UAE, now accepts payments in bitcoin as well as other cryptocurrencies. This was made possible through a partnership with the exchange Binance.

Palazzo Versace Dubai embraces the cryptocurrency revolution

In a press release, Palazzo Versace Dubai, one of the leading luxury resorts in the United Arab Emirates (UAE), announced a partnership with exchange platform Binance to accept cryptocurrency payments. For Palazzo Versace Dubai, this step into the crypto world is “a unique step in the hotel industry.”

Guests at Palazzo Versace Dubai now have the option to pay their bills in cryptocurrencies. Binance Coin (BNB), bitcoin (BTC) and Ethereum (ETH) are usable and all payments go through Binance Pay.

For Monther Darwish, general manager of Palazzo Versace Dubai and founder of Palazzo Hospitality, by accepting cryptocurrency payments, his establishment wants to reaffirm its status as a pioneer of innovation in the hotel industry.

We continue to pioneer innovation and growth in the hospitality industry. Accepting cryptocurrencies as payment methods is another innovative step we have taken to prepare for the future of our business.

Monther Darwish, General Manager of Palazzo Versace Dubai

Nadeem Ladki, Binance’s head of business development in the MENA region, said, “Palazzo Versace’s ability to now accept crypto-asset payments is a reflection of how the hotel industry in Dubai is at the forefront of innovation as we move into an increasingly digital world. Payments are just the beginning and we look forward to developing this partnership together.”

Dubai continues to become an important crypto hub

Dubai is increasingly becoming a strategic region for the crypto ecosystem. For several weeks now, positive news about the development of the sector in the Emirates has been multiplying. Recent developments show how, with crypto-friendly regulations, the country aims to attract more crypto companies. This strategy is already bearing fruit.

Indeed, without hearing, many crypto companies have taken the bait. This is notably the case of exchanges Binance and FTX which have obtained licenses to operate in the UAE. Furthermore, companies that are not yet established in the country can acquire the required licenses by paying in cryptos.

On the side of cryptocurrency adoption in the country, a study by the Telecommunications and Digital Government Regulatory Authority (TDRA) estimates the number of UAE’s resident owning cryptos at 11%. This places the country tenth in the world.
The fact that the Palazzo Versace Dubai is accepting crypto payments is therefore not isolated. This step towards cryptos reflects how hot the sector has been in the country lately. In fact, a large crypto gathering is being organized in Dubai from October 4 to 5. Of course, coinpri will be present at the event. We hope to meet you there. But first, don’t forget to buy a ticket here.