Last week, Majid Al Futtaim, a leading operator of shopping malls, hotels, cinemas, hypermarkets, and retail stores in the Middle East, Africa, and Asia, announced its strategic partnership with global crypto exchange Binance. The two firms will collaborate on a number of crypto and blockchain projects.
First of all, Binance Pay will be integrated to enable millions of customers to pay with cryptocurrencies ‘’at Majid Al Futtaim’s various destinations in line with appropriate laws and regulations”. According to Binance’s website, Binance Pay currently supports over 40 cryptocurrencies.
Changpeng Zhao (CZ), CEO and co-founder of Binance, tweeted last week:
‘’29 shopping malls, 13 hotels, and four mixed-use communities now accepts crypto through Binance Pay. Adoption continues’’
Majid Al Futtaim operates in 17 countries, according to the company’s investor presentation published in February.
Among the company’s properties are 29 shopping malls in five countries across the Middle East and North Africa, including Mall of the Emirates, Mall of Egypt, Mall of Oman, and Mall of Saudi. Its malls recorded 175 million visitors in 2021.
Besides that, the company also operates 423 Carrefour stores in 16 countries across the Middle East and has exclusive franchise rights in over 30 countries in Middle East, the Commonwealth of Independent States (CIS) regions and North Africa.
Furthermore, the group also operates 13 hotels (11 in the UAE and two in Bahrain) and 607 cinema screens.
“Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year,” Zhao continued. “Integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay.”
The other projects that the two companies will collaborate on include creating a digital wallet infrastructure to hold cryptocurrencies from multiple platforms and listing non-fungible tokens (NFTs) on Binance’s marketplace.