Binance, Virtuzone Sign Strategic Partnership to Focus on Advancing Web 3 in UAE

Leading providers of corporate and business formation services in UAE, Virtuzone has partnered with Binance to accept cryptocurrency payments via Binance Pay.

As per the official press release, Virtuzone aims to bring barriers to entrepreneurship by facilitating cryptocurrency payments for company setup. Creating more opportunities for global businesses in a bid to tap into UAE’s thriving startup community is another key focus area behind the strategic partnership.

Binance Pay Integration

For context, Binance Pay happens to be proprietary cryptocurrency payment technology designed by the exchange to conduct contactless, borderless, and secure crypto payments and transfers. JA Resorts and Hotels and Majid Al Futtaim are some of the other companies in the UAE that have already integrated Binance Pay into their systems.

Interestingly, Virtuzone has become the first company in the Middle Eastern country to accept cryptocurrency payments for business setup with the latest move.

George Hojeige, CEO of Virtuzone stated,

“Our alliance with Binance is geared at generating more synergies between the business setup and crypto industries, with an overarching goal of building a crypto-friendly and tech-centric business environment where we can ease the way for the establishment of companies specializing in decentralized finance (DeFi), blockchain technologies, non-fungible token (NFT) development and trading, and more, further establishing the UAE as a pivotal hub for innovation and next-generation technologies.”

The chairman and co-founder of Virtuzone, Neil Petch, said collaborating with a prominent tech leader such as Binance is expected to put the company at the forefront of digital transformation and the Fourth Industrial Revolution across the UAE and the region.

UAE’s Set to Become a Major Crypto Hub

The Emirate of Dubai adopted a new law designed to define how domestic regulators will oversee the nascent asset class earlier this year. The much-needed clarity in the space soon ushered leading crypto exchanges such as Binance, FTX, and CryptoCom to carve a foothold in the Middle East.

The law focuses on advancing UAE’s ambitions to become a central crypto hub. It proposes legal definitions for digital assets, sets up a licensing regime as well as details penalties should companies and organizations be found operating out of bounds.