In the United Arab Emirates (UAE), a grocery delivery business has announced the addition of cryptocurrency payment alternatives to its services.
In the future, the company intends to accept cryptocurrency investments from partners and investors, as well as pay staff in cryptocurrency.
Accepting Crypto Payments
YallaMarket is a United Arab Emirates-based online grocery delivery business. They stated on Wednesday that they had started to accept cryptocurrency payments.
YallaMarket is the fastest-growing grocery delivery business in Dubai. It has adopted USDT and USDC as payment methods for its diverse customer base. Consequently as cryptocurrency adoption grows in the country.
YallaMarket’s CEO and co-founder, Leo Dovbenko, has indicated that the company believes strongly in blockchain and cryptocurrency. It has aided the development of the UAE’s crypto economy.
A Collaboration with CoinMENA
CoinMENA is a Bahrain-based Sharia-compliant cryptocurrency exchange. The grocery delivery business now accepts cryptocurrency payments thanks to collaboration.
Currently, the company only accepts Tether (USDT) and USD Coin as stablecoins (USDC). It also plans to accept crypto investments from its Middle East and North Africa partners and investors. YallaMarket also intends to compensate its employees with digital assets in the future.
The CEO of CoinMENA, Talal Tabbaa, feels that accepting crypto payments is the way of the future. Businesses will also embrace crypto in the same manner that they did the Internet. The digital economy in the region is developing, which means more people will use cryptocurrency.
Following its success in the domestic market, the delivery service announced plans to expand into Saudi Arabia and Qatar.
Booming Crypto Industry in UAE
The United Arab Emirates is quickly becoming a major center for the Middle East’s crypto ecosystem. Moreover, the government has responded by enacting crypto-friendly legislation and regulations in response to rising demand for crypto, NFTs, and metaverses.
Several large cryptocurrency exchanges, including FTX, Binance, and BitOasis, have opened offices in the UAE as a result.
As part of the UAE’s cryptocurrency drive, Emirates Airline, the country’s flag airline, recently entered the NFT and metaverse realm. Large crypto mining companies are also encouraged to flourish in the UAE due to the availability of energy resources.
Bake N More, a café in Dubai, announced at the end of March that it will accept bitcoins as payment for its goods. It created history by becoming the first café in Dubai to accept digital currency payments from customers.
Stella Stays, an e-commerce business located in the United Arab Emirates, announced the integration of bitcoin payments on March 11. Customers can pay in bitcoin, ethereum, and 35 other digital currencies.
Furthermore, in March, the ‘Citizens School’ in Dubai became the first of its type in the Middle East to take cryptocurrencies bitcoin (BTC) and ether (ETH) as a means of tuition payment.
