Majid Al Futtaim, a UAE-based shopping mall and retail giant, has partnered with Binance, a blockchain ecosystem and cryptocurrency infrastructure provider, to use Web3 technology to future-proof its business and benefit millions of customers.
The two companies will collaborate on a number of blockchain projects, including the listing of NFTs on Binance’s exchange, the creation of a digital wallet infrastructure to hold virtual assets from multiple platforms, and the integration of Binance Pay, which will allow customers to pay with virtual assets at Majid Al Futtaim’s various locations.
“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,” said Majid Al Futtaim CEO Alain Bejjani.
Changpeng Zhao, CEO and co-founder of Binance, said “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.”
Binance Pay is a contactless, borderless, and secure user-to-user gateway available on the Binance App that allows consumers and merchants all over the world to utilize cryptocurrency without incurring additional costs.
Majid Al Futtaim owns and operates 29 shopping malls, 13 hotels and four mixed-use communities, with further developments underway in the region.
