Majid Al Futtaim (MAF) has partnered with Binance to bring virtual assets to its business. The UAE-based shopping mall operator is foraying into the Web3 craze with NFT and a number of blockchain projects planned on Binance’s NFT marketplace.
Today we’re pleased to announce our strategic partnership with @binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider. https://t.co/veXx3lsHXc (1/2) pic.twitter.com/KjqSS6TGEn
— Majid Al Futtaim (@MajidAlFuttaim) May 31, 2022
The UAE has been an early adopter of Web3 products in the Middle East, including non-fungible tokens (NFT), NFT art and metaverse. The Emirati retail conglomerate is the latest in a long line of companies in the region that have already announced several Web3 projects.
Saudi Arabia’s Neom City launched a cognitive metaverse project in February this year to revolutionize the travel and tourism sector, while the UAE Ministry of Health launched a metaverse-based customer care center called MetaHealth.
Partnership between MAF and Binance
The partnership between MAF and Binance will enable the retailer to leverage the properties of Web3 technology as part of a long-term strategy to future-proof its business and bring its customers into the exciting world of NFT and the metaverse.
Under the agreement, MAF will implement several blockchain and NFT projects on the BNB blockchain, including the creation of a digital wallet infrastructure to host virtual assets from multiple platforms, and the integration of Binance Pay. This will enable MAF customers to make purchases using virtual assets across their businesses.
Commenting on the partnership, Majid Al Futtaim CEO Alain Bejjani said, “The exponential pace of technology development today is matched only by consumers’ voracious appetite for exceptional customer experiences in both the physical and digital worlds.”
For his part, Changpeng Zhao, CEO and co-founder of Binance, commented, “The integration of Web3 technologies will give its customers access to new and innovative ways to engage with their brands and offer new ways to pay.”
Zhao believes it is partnerships like the one forged with Majid Al Futtaim that will usher in the next digital era. “Majid Al Futtaim is poised to become a pioneer in bridging the gap between physical and Web3 experiences,” he added.
Majid Al Futtaim
Majid Al Futtaim is a Dubai-based Emirati holding company that, as of 2015, owns and operates shopping malls, retail and leisure outlets in the Middle East and North Africa, with operations in 13 countries. The group was established by Majid Al Futtaim in 1992.
Majid Al Futtaim is one of the largest shopping mall operators in the United Arab Emirates which is entering the Web3 after partnering with Binance to enable its customers to make purchases using virtual assets.
