Following the integration of Binance Pay, Virtuzone joins the group of well-known companies in the UAE accepting cryptocurrencies.
Binance established its footprint among Middle Eastern investors by operating several legally sanctioned businesses in Abu Dhabi, Dubai, and other areas. By collaborating with business lender Virtuzone, Binance has made it possible for new business owners to repay loans with cryptocurrency, with an eye toward the United Arab Emirate’s (UAE) mainstream corporate sector.
After incorporating Binance Pay into its payment gateway, Virtuzone joins the list of well-known companies in the UAE accepting cryptocurrency, including JA Resorts & Hotels and Majid Al Futtaim. The company also wants to lower obstacles to entrepreneurship and assist startup ecosystems by giving businesses the opportunity to repay seed and other forms of funding with cryptocurrencies.
Entrepreneurs are searching for sources of finance for new cryptocurrency enterprises in the midst of a protracted bear market, with blockchain venture capital funding declining by over 43% in July. Virtuzone indicated plans to speed up Web3 adoption in the Middle East in addition to meeting this demand. Richard Teng, CEO of Binance Middle East and North Africa (MENA), commented on this matter as follows:
“The market that is developing in the UAE around the Web3 industry, thanks to a number of government initiatives, is one that will become a global hub for investors in digital assets.”
The company anticipates that during the following three decades, the MENA area will experience rapid demographic change. To reach the unexplored market, according to Teng, a regulatory framework for cryptocurrencies and digital assets must be put in place.
Changpeng ‘CZ’ Zhao, the CEO of Binance, has made it clear that he intends to cooperate with the authorities. As a result, the exchange blocked Baking Bad’s Tezos staking reward account “in response to a law enforcement request.”
“Binance is required to cooperate with such requests, the same as any other exchange. There is a process to contest the seizure with the agency should you wish to pursue that path. But that is done through the agency, Binance has zero control over that process,” explained the exchange while sufficing the move.
