UAE Sees Exceptional Growth in the Acceptance of Cryptocurrency As a Mode of Payment by Numerous Businesses

The UAE has exponentially accepted certain digital currencies. Yalla Market, a Dubai-based grocery delivery service, has recently announced to accept digital currency payments on its mobile shopping app. The company will also consider using crypto to pay salaries in the future.

Yalla Market payment system will adopt stable crypto coins Tether USDT and USDC. These are blockchain-based digital currencies whose tokens are in movement and backed by the US dollar. In other words, they are stablecoins with a price of $1.00. For example, you can buy bananas valued at seven Dhiram by paying 1.91 USDT through the YallaMarket app.

Apart from launching a new digital payment method for its valuable customers, the company is ready to gear up to obtain crypto investment from MENA-based partners. It will soon evaluate whether or not paying salaries through crypto-assets is a valuable option for the company.

According to a Khaleej Times report, another Dubai-based business BN More Café has become the first coffee shop in the country to accept crypto payments. Many customers used their virtual assets to pay for their desired products as the Emirati businessman-owned shop started adopting new modes of payment.

Almost 67% of UAE residents are reportedly interested in using and investing in digital currencies within the next couple of years. Simultaneously, the UAE has become one of the top marketplaces internationally, where about forty percent of consumers trust digital currencies.

It is yet to evaluate why cryptocurrencies are becoming so popular in the UAE. According to Leo Dovbenko, the CEO of Yalla Market, they can see the increasing adoption of blockchain and crypto technologies worldwide.

The YallaMarket could not keep it away from crypto as a firm based in the United Arab Emirates – an international hub for financial technologies. Furthermore, our customers have already adopted technologies in their everyday lives; they are among the pioneers of using crypto for making payments.

The company signed a partnership with CoinMena – a cryptocurrency exchange with a license granted by the Central Bank of Bahrain. CEO of CoinMena, Mr. Talal Tabba, says acceptance of cryptocurrency is increasing rapidly in the UAE. As the virtual economy nurtures, using crypto payment should not be a brainer. If all companies started using the internet twenty years ago, everyone would have started using cryptocurrencies then.

Damac, a Dubai-based developer, believes to soon accepting digital currencies like BTC and Ether. The new shift will revolutionize real estate’s future and offer convenience to global crypto investors. A real estate developer announced that Damac Properties would accept bitcoin and Ethereum to sell a property.

The company said that it would be a revolutionary step for the future of real estate by easing the purchase via cryptocurrency. It will also offer real estate convenience and diversity to real estate investors worldwide.

GM Operations of Damac, Ali Sajwani, says the new move for crypto users is an excellent imitative to accelerate the new economy for the new generation and the future of the crypto industry. International businesses like Damac need to stay updated with technology.

Leave a Reply

Your email address will not be published.