In recent years, cryptocurrencies have become highly popular worldwide, and Dubai, known for its ambitious innovations and desire to be at the forefront of technological progress, is no exception. This city-state, long recognized as a global financial center, is now actively transforming into one of the leading cryptocurrency capitals of the world.
In 2023, Dubai ranked 5th in CoinDesk’s Crypto Hubs, demonstrating its active involvement in the cryptocurrency space. This city is attracting the attention of major players in the cryptocurrency field, such as Binance and WazirX, thanks to its progressive regulatory structure and ambition to become a global financial center.
In 2022, Dubai established the Virtual Asset Regulatory Authority (VARA), the world’s first independent cryptocurrency regulator. This was a significant step in providing legal clarity for cryptocurrencies and attracting new investments in this field. While in other countries, such as the US, the cryptocurrency industry faces a series of lawsuits, Dubai offers itself as an attractive alternative.
Cryptocurrency Adoption in Dubai: A New Horizon of Opportunities
In Dubai, more and more companies are starting to accept cryptocurrency as payment for goods and services. This opens up new opportunities for consumers and entrepreneurs, making Dubai an even more attractive place to live, work, and relax. Thanks to its strategic location and access to global talents, Dubai offers unique opportunities for the development of cryptocurrency business.
One of the bright examples of this is the CÉ LA VI restaurant, located in the Address Sky View hotel. This exquisite restaurant, known for its Asian cuisine and stunning city views, now accepts cryptocurrency as payment [1]. This allows visitors to enjoy exquisite dishes, paying for them with modern digital currencies.
Virtuzone, a company that provides business creation services, also accepts cryptocurrency payments through Binance Pay [3]. This allows entrepreneurs to easily and safely pay for the company’s services using cryptocurrency.
Emaar Properties, the world’s largest real estate company, now also accepts payments in digital currencies [4]. This opens up new opportunities for investors and real estate buyers, allowing them to use cryptocurrency to buy property in Dubai.
Day To Day Hypermarket became the first in the UAE to start accepting cryptocurrency payments [5]. This means that now shoppers can pay for their purchases in this hypermarket using cryptocurrency, making the shopping process even more convenient and modern.
Palazzo Versace Dubai, one of the most luxurious hotels in Dubai, now accepts cryptocurrency payments on its electronic trading platforms [6]. This allows hotel guests to pay for their stay and hotel services using cryptocurrency.
Finally, the Bake N More cafe in Dubai announced that it would accept cryptocurrency as payment for purchases [2]. This allows cafe customers to pay for their orders with cryptocurrency, making the payment process fast, convenient, and safe.
iVendPay: A Gateway to Crypto Payments
Among the popular cryptocurrency payment gateways used in 2023, one that stands out is iVendPay. iVendPay is a leading crypto payment system for retail, e-commerce, and vending machines. It is trusted by over 500 clients worldwide and is actively used in more than 10 countries [7].
iVendPay is the world’s first multi-currency payment system that allows businesses to accept payments in any cryptocurrency, electronic money, or fiat currency. It provides a crypto payment system for vending machines, POS, and web API in retail and e-commerce [8].
One of the key features of iVendPay is its instant payment capability. This means that customers can receive payment for sales immediately. Using the iVendPay API, clients can create and manage bills, retrieve real-time bills information, and much more [9].
iVendPay has formed strategic partnerships with major players in the blockchain and payment gateway sectors. For instance, Binance has chosen iVendPay as its global payment gateway for Binance Pay. This partnership has made crypto payments even more accessible and has allowed businesses to stay agile, adopt new payment technologies, and focus on providing the best customer service [10].
iVendPay supports more than 40 cryptocurrencies and is constantly adding more. Some of the cryptocurrencies supported by iVendPay include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Tron (TRX), Cardano (ADA), Dogecoin (DOGE), and many others [11].
In terms of clients, iVendPay does not disclose specific names due to privacy and confidentiality reasons. However, it is known that their clients range from retail stores, e-commerce platforms, to vending machine operators. They have a broad client base that spans across various industries, demonstrating the versatility and applicability of their payment system.
iVendPay offers a simple and intuitive interface, high transaction speed, and low fees, making it an excellent choice for businesses looking to accept cryptocurrency payments. With iVendPay, businesses can easily integrate cryptocurrency payments into their existing payment systems, opening up new opportunities for growth and innovation.
Conclusion
In 2023, Dubai continues to actively develop its cryptocurrency ecosystem, attracting new companies and creating new jobs in this field. The city’s ambition to become one of the leading global centers of the metaverse and blockchain technologies underscores its ambitious plans and readiness to embrace new technologies.
Cryptocurrency adoption in Dubai continues to grow as more and more companies start using this technology. This opens up new opportunities for business and consumers, allowing for fast, secure, and inexpensive transactions. As cryptocurrencies become increasingly popular, it can be expected that even more companies in Dubai will start accepting them as payment.
