UAE-based retail conglomerate Majid Al Futtaim (MAF) has partnered with global blockchain and cryptocurrency infrastructure provider Binance
to explore Web 3 technologies. The partnership will allow the retail company to incorporate Web 3 technology as part of its long-term strategy of future-proofing its business and benefitting millions of customers. The collaboration comes right on the heels of Binance setting up its de facto headquarters in the United Arab Emirates.
According to the agreement, MAF will, among other things, benefit from NFT listings on the Binance NFT marketplace, the establishment of a virtual wallet network for clients to store a portfolio of digital assets, and the integration of Binance Pay to enable clients to purchase items using the digital assets at various Majid Al Futtaim destinations.
Why it matters
Even with the latest decline in the crypto market, blockchain technology is continuously being adopted across the United Arab Emirates. The UAE has been one of the leading early adopters of Web 3, exploring products like NFTs and the metaverse. MAF is the latest addition among many enterprises to have reported various Web3 projects.