Feb 17, 2023
Dubai Embraces Crypto, Integrates Technologies Across Businesses
The city of Dubai has been a hotbed for crypto activity and Web3 technologies, with many businesses in the emirate taking advantage of the regulatory clarity to integrate these new technologies into their operations. Cointelegraph explored Dubai to find out how crypto and Web3 technologies have been integrated within some businesses in the emirate.
One of the most popular grocery chains in Dubai, Day to Day, announced that it started accepting crypto payments last year. While the in-store crypto purchases are unavailable, the good news is that crypto users can still shop using crypto on the online store. The branch accepts Bitcoin (BTC), Ether (ETH), Tether (USDT) and various other coins as payment for online orders.
Elchai Group, a luxury car club based in Dubai, has also found a way to utilize NFTs and various Web3 technologies in their business. Maria Xenofontos, Elchai Group’s chief marketing officer, told Cointelegraph that NFT holders who are also automatically members of their car club would be able to rent physical exotic cars from Elchai’s car collection. The project is also bringing their luxury car club to the metaverse and gave Cointelegraph a sneak peek at their metaverse project that replicated one of Dubai’s most popular attractions, the Dubai Eye.
However, some crypto payment integrations just don’t last. The Indian restaurant, The Bhukkad Cafe, announced that it accepted BTC payments, but when Cointelegraph visited the store to check if they still accepted Bitcoin, the store clerks said they only accept cash or card. Doge Burger, an online restaurant taking inspiration from dog-themed tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), also failed to gain traction and its website cannot be accessed anymore. A popular school in Dubai also dipped its toes into crypto payments but backtracked almost immediately.
Despite some projects struggling with crypto integrations, Dubai’s crypto industry is still alive. According to Crypto Oasis co-founder Saqr Ereiqat, many talents from around the world are coming into the United Arab Emirates (UAE) to work in the crypto space. In addition, the executive highlighted that at the moment, more than 8,300 professionals are working in the space in the Crypto Oasis alone.
The Web3 and crypto space in Dubai is still growing and businesses are finding new ways to integrate these technologies into their operations. NFTs, in particular, are gaining traction, as more companies are exploring their potential use case in the coming years. As the crypto and Web3 space continues to grow and evolve, Dubai is sure to be one of the major hubs for the development of these new technologies.
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