Majid Al Futtaim, one of the leading shopping malls in the UAE, has partnered with Binance to start accepting digital currencies in its malls and other establishments. Majid Al Futtaim is one of the most prestigious businesses, with millions of clients every year.
Majid Al Futtaim Jumps into Digital Currencies with Binance
Majid Al Futtaim, the leading operator of shopping malls, cinemas, hotels, retail stores, and hypermarkets in the Middle East, Africa and Asia, has announced a strategic partnership with Binance. The two firms will cooperate on different blockchain and crypto projects.
First, Binance Pay will be integrated to help millions of clients to be able to pay with digital currencies “at Majid Al Futtaim’s various destinations in line with appropriate laws and regulations”, read the announcement. Currently, Binance Pay supports over 40 cryptos. “29 shopping malls, 13 hotels, and four mixed-use communities now accept cryptos through Binance Pay. Adoption continues,” said Chang Peng Zhao.
Majid Al Futtaim, according to a report released in February this year, has operations in 17 countries. Its main properties are 29 shopping malls in the Middle East and North Africa, including the Mall of Saudi, the Mall of Oman and the Mall of Egypt. In 2021, the malls had a total of 175 million visitors.
The company runs 423 Carrefour Stores in 16 countries in the Middle East and also boasts of franchise rights in more than 30 nations in North Africa, the Middle East, and the Commonwealth of Independent States (CIS) regions.
In addition, the group runs 13 hotels in the UAE and Bahrain and 607 cinema screens.
Majid Al Futtaim and Binance Also Cooperating on NFT, Other Digital Projects
“Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year,” said Zhao. “Integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay,” he added.
Other areas where the two companies cooperate include the design of digital wallet systems to hold crypto assets for different platforms and the listing of non-fungible tokens (NFTs).