UAE’s Majid Al Futtaim and Binance partner to unlock Web3 capabilities

Majid Al Futtaim, the shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, and Binance, the blockchain ecosystem and cryptocurrency infrastructure provider, have announced a strategic partnership that will allow Majid Al Futtaim to leverage Web3 technologies to future-proof the business and benefit customers in the MENA region.

Both companies will collaborate on a number of blockchain projects, including the listing of non-fungible tokens (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, which will allow customers to purchase virtual assets at Majid Al Futtaim’s various locations in accordance with applicable laws and regulations.

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

Alain Bejjani, CEO at Majid Al Futtaim, said: “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. We are delighted to be partnering with global Web3 leader, Binance on the new frontiers of customer engagement and experience and look forward to working in tandem to evolve the third generation of web technology, develop strong capabilities and deliver innovation and world-class omnichannel experiences to our customers.”

Changpeng Zhao ‘CZ’, CEO and co-founder of Binance, said: “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 available on the Binance App that allows consumers and merchants all over the globe to use cryptocurrency without paying additional costs.

Meanwhile, Binance NFT is a multichain platform that uses PoSA (proof of staked authority) network, a consensus agreement system that is more environmentally friendly and energy-efficient than Bitcoin.