Binance partners with UAE shopping conglomerate Majid Al Futtaim

Even with the latest decline in the crypto market, blockchain technology is rapidly being adopted across the United Arab Emirates with the recent development being a partnership between Binance, one of the world’s leading crypto exchanges, and UAE shopping conglomerate Majid Al Futtaim.

The partnership comes right on the heels of Binance setting up its de facto headquarters in the United Arab Emirates. Binance was also recently given the authority to conduct business in the Middle East country by the Dubai government.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The partnership will allow Majid AI Futtaim to use Web3.0 technology to future-proof the company and bring lots of benefits to its clients.

Majid AI Futtaim will among other things benefit from NFT listings on the Binance NFT marketplace, the establishment of a virtual wallet network for clients to store a portfolio of digital assets, and the integration of Binance Pay to enable clients to buy using digital assets at the various Majid AI Futtaim destinations.

Majid AI Futtaim to leverage Web3.0 technology

While commenting on the agreement, Changpeng Zhao, who is Binance’s CEO and co-founder stated that incorporating Web3 technology would Majid AI Futtaim users more payment methods and more inventive ways to connect with the company’s brands

On the other hand, the CEO of Majid AI Futtaim, Alain Bejjani, said:

“The exponential rate of technology development today is matched only by consumers’ voracious appetite for exceptional customer experiences in both the physical and digital world.”

Bejjani also said that they are excited to work with Binance on developing the next generation of technologies to strengthen the existing capabilities and provide clients with more cutting-edge services.