Dubai’s retail giant, Majid Al Futtaim, announced that it would be accepting crypto payments after following its partnership with Binance. The company is one of the leading retail businesses in the Middle East and has millions of customers. In 2021 alone, its malls had over 170 million visitors.
With shopping malls, and retail stores across Africa, the Middle East, and Asia, Majid Al Futtaim announced that it was going into a strategic alliance with Binance, the largest crypto exchange by volume globally. Together, the two companies will work on different blockchain projects to enhance crypto adoption.
Majid Al Futtaim’s Reach is Vast
According to Changpeng Zhao (CZ), Founder of Binance, “29 shopping malls, 13 hotels, and four mixed-use communities now accept crypto through Binance Pay. Adoption continues.” Operating in 17 countries globally, Majid Al Futtaim will drive exponential growth, both in crypto and Binance exchange.
Majid Al Futtaim boasts 423 Carrefour stores in 16 of the 17 countries. Moreover, they have 11 hotels in the United Arab Emirates (UAE) alone and operate over 600 cinema screens. We are talking billions of dollars here.
Crypto is Disrupting The Retail Industry
CZ believes that integrating Web 3.0 technology with such a large business will allow customers to tap into the innovative ways of the blockchain space. Furthermore, he believes that blockchain can give this billion-dollar franchise new ways to engage their customers by providing new ways and methods of payment.
The two companies plan to launch non-fungible tokens (NFTs) on the Binance NFT marketplace. Further down the road, the partnership will lead to developing a web3 wallet that will hold different cryptos. The goal is to make Majid Al Futtaim the largest global retailer to accept more than forty (40) cryptocurrencies as payment.
Binance Pay will enable all this.
Conclusion
We are witnessing crypto adoption at a tremendous rate just six months into 2022. So far, two countries have embraced crypto, and several states in the USA are looking into crypto adoption. The development covered here touches on a different niche: Multinational companies joining the bandwagon for crypto adoption. As we enter into the second half of the year, more good news could be loading for crypto adoption
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.
