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Majid Al Futtaim, Dubai’s Retail Giant Now Accepts Cryptocurrencies In Partnership With Binance

Majid Al Futtaim is the leading shopping mall operator in Dubai. Recently, it has partnered with Binance, a leading crypto exchange, and is now accepting cryptocurrencies at its malls and properties around different parts where it is operational. The CEO of Binance seems excited about the deal and has reportedly said that Majid Al Futtaim is one of the most prestigious businesses in the Middle East. Every year, millions of customers shop at its malls. 

Majid Al Futtaim is more than a typical shopping mall. It owns hotels, hypermarkets, cinemas, and numerous retail stores throughout Asia, Africa, and the Middle East. Last week, it got into a strategic partnership with Binance. Both the entities in the partnership are looking forward to collaborating on several blockchains and crypto projects. 

Various destinations of Majid Al Futtaim will be integrated with Binance Pay. Such integration will allow millions of customers to pay through cryptocurrencies. However, the integration will be according to the relevant laws and regulations. 

Binance is one of the leading crypto exchanges in the world. The official website of Binance states that the exchange supports more than 40 cryptocurrencies within the crypto market as of 2022. 

Last week, the CEO and the co-founder of Binance, Chanpeng Zhao, stated that Binance Pay now allows for payment through cryptocurrencies in 29 shopping malls and 13 hotels. He is optimistic that the adoption will continue for the years to come. 

Moreover, with the strategic partnership with Majid Al Futtaim, the adoption will increase since the shopping mall operator is functional in 17 countries worldwide. Furthermore, Majid Al Futtaim owns over 400 Carrefour stores in 16 countries and exclusive franchise rights in more than 30 countries. Therefore, the influence of the leading shopping mall operator extends across Asia, the Middle East, North Africa, and the Commonwealth of Independent States. 

Zhao is confident that integrating the shopping mall operator with the technology of Web3 give to improve the customer experience. Web3 technologies will allow the customers to engage with the brand innovatively while providing new ways to pay. 

Furthermore, both the entities plan to cooperate in other projects that include listing NFTs and creating a digital wallet infrastructure.