Virtuzone, the leading provider of business startup services in the United Arab Emirates (UAE), and Binance have partnered to allow business founders to pay fees in cryptocurrencies. The agreement calls for all transactions to go through Binance Pay.
Create a company in the Emirates and pay in crypto is now possible!
Many critics of cryptocurrencies claim that they have no use because they cannot be used as a unit of account. But the evolution of use cases in some countries proves otherwise.
Last week, Iran paid for its imports in crypto. Other countries, such as El Salvador and more recently the Central African Republic, have made bitcoin a legal currency and allow payments in crypto.
The collaboration between Binance and Virtuzone adds to this momentum but this time in the United Arab Emirates. Through this partnership, Virtuzone customers now have the ability to set up businesses and pay service fees in cryptocurrencies through Binance Pay.
Both companies (Binance and Virtuzone) announced the news with excitement. Both parties hope that their alliance will fully benefit the adoption of cryptocurrencies and bring more innovation to the Emirates.
A win-win partnership for Binance and Virtuzone
For Virtuzone, it is important to reduce the barriers to entrepreneurship. Thus, allowing cryptocurrency payments for business creation is a step in the right direction. Virtuzone also hopes that partnering with a giant in the crypto ecosystem puts it at the heart of the Web 3.0 movement in the UAE.
The partnership with Binance reflects our commitment to pursue innovative solutions that will positively impact the UAE startup community, while expanding future possibilities and opportunities for Virtuzone and its customers. Collaborating with a renowned leader in Web 3.0 technology like Binance puts us at the forefront of digital transformation and the fourth industrial revolution in the UAE and the region.Neil Petch, president of Virtuzone
For its part, Binance believes that this partnership will improve the business climate in the UAE. Specifically, several crypto startups could take Dubai as a destination of choice. Nadeem Ladki , Executive Director of Business Development and Strategic Partnerships at Binance, said in particular:
“As a leader in its field, Virtuzone’s decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation and shows the way forward. The ease of use of Binance Pay anywhere in the world, coupled with state-of-the-art security and technology, will be a huge draw to the local and global startup community looking to grow their business from the UAE.”
By integrating Binance Pay, Virtuzone joins a select circle of businesses that accept cryptocurrency payments in the UAE. This trend is likely to continue if clearer regulation of cryptocurrencies is put in place. Fortunately, this is the promise of the Virtual Asset Regulatory Authority (VARA), the authority responsible for establishing the crypto regulatory framework in the country. The UAE continues its path to becoming the crypto capital of the world within the next few years as Eva Kaili, Vice President of the European Parliament told us in an exclusive interview.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.