Virtuzone Partners With Binance To Enable Cryptocurrency Payments For Business Setup In The UAE The announcement comes as part of Virtuzone's continued efforts to reduce barriers to entrepreneurship in the country, while also creating more opportunities for global businesses to tap into the UAE's startup ecosystem.

UAE-based company formation and business support services provider Virtuzone has partnered with global blockchain ecosystem and cryptocurrency exchange platform Binance to become the first company in the UAE that accepts cryptocurrency payments for business setup purposes.

The announcement comes as part of Virtuzone's continued efforts to reduce barriers to entrepreneurship in the country, while also creating more opportunities for global businesses to tap into the UAE's startup ecosystem. With the transactions set to take place via Binance's payment service feature, Binance Pay, Virtuzone sees it also as an advancement of the goals the UAE has put in place for its Web3 initiatives.

"The partnership we have forged with Binance reflects our commitment to continue our pursuit of innovative solutions that will positively impact the UAE startup community, whilst expanding the future possibilities and opportunities for Virtuzone and its clients," Neil Petch, co-founder and Chairman of Virtuzone, said. "Collaborating with a renowned Web 3.0 technology leader like Binance puts us at the forefront of digital transformation and the Fourth Industrial Revolution across the UAE and the region."

Meanwhile, Virtuzone CEO George Hojeige highlighted the potential impact this partnership could have on the UAE's business ecosystem. "Our alliance with Binance is geared at generating more synergies between the business setup and crypto industries, with an overarching goal of building a crypto-friendly and tech-centric business environment where we can ease the way for the establishment of companies specializing in decentralized finance (DeFi), blockchain technologies, non-fungible token (NFT) development and trading, and more, further establishing the UAE as a pivotal hub for innovation and next-generation technologies," he said.

With this partnership, Virtuzone joins the likes of Dubai-based luxury and five-star accommodation entity JA Resorts and Hotels and Emirati real estate and retail conglomerate Majid Al Futtaim, as one of the few companies that have integrated Binance Pay in their systems. "As a leader in its space, Virtuzone's decision to accept cryptocurrency payments and integrate Binance Pay into its systems raises the bar for innovation and demonstrates the way forward when it comes to setting up businesses in the UAE," said Nadeem Ladki, Executive Director of Business Development and Strategic Partnerships at Binance. "The ease with which to use Binance Pay anywhere in the world, coupled with best in class security and technology, will be a huge draw to the local and global startup community looking to build their businesses out of the UAE."