The United Arab Emirates (UAE) has always shown green light to crypto. In the same context, Dubai’s fastest-growing grocery delivery service YallaMarket is reportedly going to accept crypto as a form of payment in partnership with Bahrain-based crypto exchange CoinMENA.
Currently, the delivery service company is only accepting stablecoins Tether (USDT) and USD Coin (USDC). It has plans to accept crypto payments on its mobile app.
Further, investments from its partners and investors in the Middle East and North African (MENA) region and also pay salaries in digital assets in the future.
Leo Dovbenko, CEO and co-founder of YallaMarket said, “We can see now that the world is increasingly adopting blockchain and cryptocurrency technologies. YallaMarket could not stand aside as a company based in the UAE — a global hub for financial technologies. Moreover, as YallaMarket customers value their time and actively implement technologies in their lives, there is no doubt they are among pioneers of using crypto payments.”
According to YouGov data, more residents in the Middle Eastern country are open to transacting in digital currencies within the next five years, inspiring YallaMarket and a growing number of businesses in the UAE to incorporate crypto payments.
Talal Tabbaa, CEO of CoinMena said, “Crypto adoption is growing rapidly in the region. As the digital economy grows, using crypto as a medium of exchange is a no-brainer. Like all businesses started using the internet 20 years ago, everyone will start using crypto now; it is inevitable.”
Dubai has been bullish on crypto. It is justified by the tailored regulations of offering virtual asset licenses and becoming the dream destination for the global crypto industry.
CoinMENA is a Sharia-compliant crypto exchange licensed and regulated by the Central Bank of Bahrain (CBB). CBB is the institution that gave Binance a crypto-asset service provider license, which is the exchange’s first license in the Gulf Cooperation Council MENA region.
