UAE-based shopping mall and retail conglomerate Majid Al Futtaim and blockchain ecosystem and cryptocurrency infrastructure provider Binance have signed a partnership that will allow MAF to harness Web3 technologies to future-proof its business and benefit millions of customers.
The agreement will see the two cooperate on a number of blockchain projects, including listings of NFTs on Binance’s marketplace, the creation of a digital wallet infrastructure to hold virtual assets from multiple platforms, and the integration of Binance Pay - allowing customers to purchase with virtual assets at Majid Al Futtaim’s various destinations.
“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 on the Binance App that allows users and merchants around the world to use crypto without incurring special handling fees for using crypto.
Majid Al Futtaim owns and operates 29 shopping malls, 13 hotels and four mixed-use communities, with further developments underway in the region.