Majid Al Futtaim forays into Web3.0 with new strategic partnership


June 1, 2022 | By RetailME Bureau

Majid Al Futtaim has announced the signing of a strategic partnership with Binance, the blockchain ecosystem and cryptocurrency infrastructure provider, to enable them to harness Web3 technologies to future-proof the business.

The agreement will see Binance and Majid Al Futtaim cooperate on a number of blockchain projects, including listings of NFTs on Binance’s marketplace, the creation of a digital wallet infrastructure to hold virtual assets from multiple platforms, and the integration of Binance Pay – allowing customers to purchase with virtual assets at Majid Al Futtaim’s various destinations in line with appropriate laws and regulations.

Binance Pay will be integrated to allow millions of customers to pay with cryptocurrencies “at Majid Al Futtaim’s various destinations in line with appropriate laws and regulations,” the announcement notes. Binance Pay currently supports more than 40 cryptocurrencies, according to Binance’s website.

“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. We are delighted to be partnering with global Web3 leader, Binance on the new frontiers of customer engagement and experience and look forward to working in tandem to evolve the third generation of web technology, develop strong capabilities and deliver innovation and world-class omnichannel experiences to our customers,” said Alain Bejjani, CEO at Majid Al Futtaim.

“Majid Al Futtaim is one of the most prestigious businesses in the Middle East and has millions of customers every year. Integrating Web3 technologies will give its customers access to innovative new ways to engage with its brands and provide new ways to pay. Through partnerships like these, we will see the innovative use-cases that come to define the next digital era emerge, and Majid Al Futtaim is positioned to become a trailblazer in bridging the gap between physical and Web3 experiences,” said Changpeng Zhao ‘CZ’, CEO and co-founder of Binance.

Binance Pay is a contactless, borderless, and secure user-to-user gateway on the Binance App that allows users and merchants around the world to use crypto without incurring special handling fees for using crypto. Binance NFT is a multichain platform that uses the PoSA (Proof of Staked Authority) network, a consensus agreement protocol that is more eco-friendly and energy-efficient than Bitcoin.

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