Majid Al Futtaim, a leading shopping mall operator, has partnered up with Binance to allow cryptocurrency payments at its properties and malls. Binance CEO, Binance’s chief executive officer, stated that Majid Al Futtaim was one of the most respected businesses in the Middle East with millions of customers each year.
Majid Al Futtaim is a major operator of shopping centers, hotels, cinemas and hypermarkets in the Middle East, Africa and Asia. Last week, it announced its partnership with Binance, the global cryptocurrency exchange. They will collaborate on several crypto and blockchain projects.
Binance Pay, the first integration of Binance Pay, will allow millions to pay with cryptocurrency “at Majid Al Futtaim’s various destinations in accordance with applicable laws and regulations,” according to the announcement. Binance’s website states that Binance Pay supports more than 40 cryptocurrency.
Changpeng Zhao (CZ), co-founder and CEO of Binance, posted this tweet last week
Binance Pay is now accepted at 29 shopping centers, 13 hotels and four mixed-use communities. The adoption process continues.
Majid Al Futtaim is a company that operates in 17 countries, according to its investor presentation.
The properties of the group include 29 malls located in five Middle East and North African countries, including Mall of the Emirates Mall of Egypt Mall of Oman Mall of Oman and Mall of Saudi. Its malls were visited by 175 million people in 2021.
It also has 423 Carrefour shops in 16 Middle East countries and exclusive franchise rights to over 30 countries in the Middle East, North Africa and the Commonwealth of Independent States.
The group also owns 13 hotels in Dubai and two in Bahrain, and 607 cinema screens.
Zhao said that “Majid Al Futtaim, one of the most respected businesses in the Middle East, has millions of customers each year.” “Integrating Web3 technology will allow its customers to access innovative new ways of engaging with its brands and new ways to pay.”
The two companies will also collaborate on other projects, including listing non-fungible tokens on Binance’s marketplace as well as creating a digital wallet infrastructure that allows for the storage of cryptocurrencies from multiple platforms.