Majid Al Futtaim, the Middle East, Africa, and Asia pioneer in shopping malls, communities, retail, and leisure, and Binance have announced a strategic agreement that will allow Majid Al Futtaim to employ Web3 technology to future-proof the business and benefits customers in the MENA area.
Both companies will work together on a number of blockchain projects, including the listing of non-fungible tokens (NFTs) on Binance’s marketplace, the development of a digital wallet, and the integration of Binance Pay, which will let the users purchase virtual assets in accordance with applicable laws and regulations at Majid Al Futtaim’s various locations.
29 shopping malls and 13 hotels in the UAE integrate Binance pay
“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.”
Majid Al Futtaim CEO Alain Bejjani
“Through partnerships like these, we will see the novel use-cases that come to characterize the next digital era emerge, and Majid Al Futtaim is positioned to become a pathfinder 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 gateway available on the Binance App that lets consumers and merchants all over the world utilize cryptocurrency for free.
Meanwhile, Binance NFT is a multichain platform that employs the PoSA (proof of staked authority) consensus agreement system, which is more environmentally friendly and energy-efficient than Bitcoin.
Majid Al Futtaim is a shopping mall and retail corporation based in the United Arab Emirates that was created in 1992 by Majid Al Futtaim, an Emirati billionaire businessman. Since then, the company has grown to employ over 43,000 individuals in 15 different foreign regions.
Mall of the Emirates, Mall of Egypt, City Centre malls, My City Centre neighborhood centers, and four community malls in a joint venture with the Sharjah government make up the retail mall portfolio. Carrefour’s sole franchisee in 37 markets across the Middle East, Africa, and Asia, with a portfolio of over 270 shops in 15 countries, is the company.
Majid Al Futtaim owns and runs 29 shopping malls, 13 hotels, and four mixed-use communities in the United Arab Emirates, with more projects in the pipeline.