Virtuzone – a company based in the United Arab Emirates (UAE) that assists with business formations and provides corporate services – has announced it will begin accepting cryptocurrency payments.
Virtuzone Says “Yes” to Crypto
The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.
It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores, companies, and territories have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.
Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.
That’s what makes firms like Virtuzone so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools everyday people can benefit from.
Virtuzone has joined hands with Binance to have the technology and support it needs to accept crypto payments. The company will garner the digital assets customers choose to pay with, and Binance will engage in transferring the crypto to normal fiat so Virtuzone can get its money.
Neil Petch – chairman and co-founder of the company – explained in an interview:
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.
The UAE Is a Major Crypto Force
George Hojeige – the CEO of Virtuzone – also threw his two cents into the mix, commenting:
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 technology, non-fungible token (NFT) development, and trading.
The United Arab Emirates is continuing its trend of serving as a major crypto hub in recent years.