Global Crypto Market

UAE delivery firm now accepts cryptocurrency as payment – wknd.




Tuesday, Jun 07, 2022 | Zul Qaadah 7, 1443
Published: Wed 20 Apr 2022, 4:07 PM
Dubai-based grocery delivery service YallaMarket said it will now accept cryptocurrencies as a form of payment on its mobile app.
YallaMarket payment system accepts stable coins USDT (Tether) and USDC.
These are blockchain-based cryptocurrencies whose tokens in circulation are backed by an equivalent amount of US dollars, making them stablecoins with a price pegged to $1.00. So, bananas — one of the most popular items, which costs Dh7 on average, can be purchased for 1.91 USDT.
Besides launching a new payment method for its customers, the startup is also geared up to receive crypto investments from Mena-based partners and is considering paying salaries via digital assets in the future.
Acceptance of certain cryptos has been growing exponentially in the UAE. As reported by Khaleej Times, the Dubai-based Bake N More café, owned by an Emirati businessman Mohammad Al Hamadi, became the first café in the Emirates to accept cryptocurrencies as a form of payment. A number of customers used their cryptos to pay for their purchases at the café in the first couple of days it started accepting this new mode of payment.
According to YouGov, 67 per cent of UAE residents say they are interested in investing in cryptocurrencies within the next five years. At the same time, UAE is one of the top markets globally, where 40 per cent of consumers say they trust cryptocurrencies, YouGov says.
ALSO READ:
“We can see now that the world is increasingly adopting blockchain and cryptocurrency technologies. YalaMarket 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 implement technologies in their lives actively, there is no doubt they are among pioneers of using crypto payments,” said Leo Dovbenko, CEO and co-founder of YallaMarket.
In order to launch a new payment method, YallaMarket partnered with CoinMena, a digital assets exchange licensed by the Central Bank of Bahrain.
“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,” said Talal Tabbaa, CEO of CoinMena.
[email protected]
Cryptocurrency
Traditional stock market investors, bankers, and economists have long sounded the alarm that the cryptocurrencies like Bitcoin are no more than sophisticated Ponzi schemes
Cryptocurrency4 months ago
Cryptocurrency
Bitcoin plunged almost nine per cent on Monday to its lowest in six months as fears of a Russian attack on Ukraine saw riskier assets worldwide extend their sell-off
Cryptocurrency4 months ago
Cryptocurrency
The salary will be converted to ethereum and bitcoin
Cryptocurrency4 months ago
Cryptocurrency
Replica of iconic Pontifex carpet fetches over Dh300,000
Cryptocurrency4 months ago
Cryptocurrency
Musk has often endorsed dogecoin and said it is better for transactions
Cryptocurrency4 months ago
Cryptocurrency
The items will go on sale on Friday
Cryptocurrency5 months ago
Cryptocurrency
Besides dogecoin, Musk has also been a vocal supporter of Bitcoin
Cryptocurrency5 months ago
Cryptocurrency
The legislation may stipulate a minimum amount for investments in digital currencies.
Cryptocurrency6 months ago

source


Leave a Comment

Your email address will not be published.