More than 2 dozen shopping malls accept payments in cryptocurrencies.
Cryptomining has seen a significant rise due to the new collaboration signed by Binance for Dubai. The new partnership will allow cryptocurrencies to be the mode of payment at many shopping malls. The uncertain rise and drop in many cryptocurrencies had traders and crypto miners worried. However, Majid Al Futtaim signing a partnership with Binance to promote crypto as a payment mode is definitely a step in the right direction. With this decision, not only have people begun to buy cryptocurrencies but there is also a rising trend in crypto mining.
Mining in Dubai can allow you to shop with cryptocurrencies.
With the new partnership between Majid Al Futtaim, Dubai is now the best place to mine crypto. To be exact, anyone with a crypto wallet linked with Binance will now be able to shop at various locations. These locations will include 29 shopping malls besides the 13 hotels located around UAE. This is great news for anyone that is looking for ways to conduct crypto mining.
Not only is the retail giant confident about the future of cryptocurrencies, but small-scale business owners have also shown confidence. Small-scale restaurants and businesses have also started to accept payments in crypto. Establishments such as Business Bay Pizzeria and Bake N More are amongst the first to accept this new mode of payment.
The strategic alliance with Binance has allowed the wheels to be set in motion across UAE. With one of the most thriving tourism industries, it will be the perfect example for the rest of the world. While at the same time, there can also be seen an increasing interest in cryptomining. Those with adequate knowledge are using it to their advantage in creating a revenue stream for themselves. With time the increasing interest in crypto will also see crypto mining UAE increase in numbers.
How can you use Binance to pay for your shopping?
After the current partnership allowing Bitcoin, Dogecoin, and Ethereum to be used for payment transactions, Binance Pay is the platform being used for any and all transactions being carried out in MAF retail business. Once a user has created an account with an existing Binance account, they will be able to shop easily. The transaction will require the customer to scan a QR code at the shop of their preference. They can enter the payment that they wish to process and the currency they would like to use.
For now, there are only 3 cryptocurrencies being used. However, in an interview, Majid Al Futt aim made it clear that with the collaboration of BinancePay, the aim is to increase the number of currencies to surpass 40. This will allow for financial freedom for many all over the world while giving them a vast option through which they can easily complete a transaction.
How will Majid Al Futtaim change the way we pay?
The United Arab Emirates is one of the busiest countries in the world. The country enjoys its position as the hub of economic activity while at the same time being one of the most desired tourist attractions of the world. Amongst the many billionaires that are working on expanding their influence in the region is Majid Al Futtaim. With many shopping malls, hotels, and even the exclusive franchise rights to Carrefour, he is a man of influence. With the current collaboration, 170 million consumers through his malls will be able to use a safer and faster mode of payment. For now, Binance Pay will only be used in UAE. Yet, with the influence that MAF has in almost 17 various countries, it will not be long before the remaining establishments follow in its footsteps.
The Future of Crypto in UAE and in the world
The major issue that crypto faces is the lack of knowledge and research by governments all over the world. With the increase in awareness and the many pros that blockchain and crypto bring, it is possible that cryptocurrencies and their influence will only increase. It is certain that with the increasing popularity of mining in Dubai, more and more people will become infatuated with its technology. Web 3.0 will have much better use in the future of technology, especially in the financial aspects of things. It is quite certain that they will hold a valuable role in the near future.
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