• Majid Al Futtaim and Binance Exchange have joined forces to create Web 3.0 innovation.
• The deal includes the integration of Binance Pay and NFT listings on the exchange’s marketplace.
• The UAE is seeing widespread adoption of cryptocurrencies.

Despite the market’s recent downturn, Blockchain technology has continued to be widely used worldwide. Many companies accept cryptocurrency payments today, including integrating NFTs and getting in to Web 3.0.

The latest addition to the list is the partnership between UAE shopping conglomerate Majid Al Futtaim (MAF) and the world’s biggest cryptocurrency exchange, Binance. This partnership will enable Majid Al Futtaim (UAE shopping conglomerate) and Binance to use Web3 for future-proofing the company, as well as benefiting millions of customers.

NFT listings on Binance’s marketplace, the establishment of a virtual wallet network to store digital assets from numerous platforms, and the implementation of Binance Pay – enabling users to buy digital assets at Majid Al Futtaim’s many destinations – are just a few of the initiatives the two companies want to collaborate on as part of the partnership.

Binance’s CEO and Co-Founder, Changpeng Zhao, commented on the agreement, stating that incorporating Web3 technology would offer users new inventive ways to connect with the company’s brands as well as new methods to pay.

“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,” said Alain Bejjani, the CEO of Majid Al Futtaim.

He added that they were excited to collaborate on the development of next-generation web technologies and strengthening their existing capabilities to provide cutting-edge multimodal service to customers.

Binance’s de facto headquarters was recently set up in the United Arab Emirates. Zhao said that any reasonable interpretation would have Dubai as the company’s headquarters.

To follow up on its acceptance in Bahrain, the world’s biggest crypto exchange was given authority by the Dubai government to do business in the Middle East in March. It was granted additional approval in Abu Dhabi and then expanded its operations in the country.

While ensuring security, the UAE government is trying to create a favorable business environment for cryptocurrency companies. Their efforts have so far convinced Three Arrows Capital (a crypto hedge fund located in Singapore) to move its headquarters to Dubai.

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