YallaMarket, a grocery delivery business located in the United Arab Emirates, announced on Wednesday that it has begun accepting cryptocurrency as payment.
Currently, the company only accepts Tether (USDT) and USD Coin as stablecoins (USDC). Furthermore, the company intends to accept cryptocurrency investments from its Middle East and North African partners and investors. In the future, YallaMarket will pay salaries in digital assets as well.
YallaMarket, a UAE grocery store, now accepts cryptocurrency payments.
YallaMarket is Dubai’s fastest-growing grocery delivery business. With crypto acceptance in the country increasing at an astounding rate, YallaMarket has added USDT and USDC as payment choices for its varied set of clients, as reported by Khaleej Times on April 20.
YallaMarket’s CEO and co-founder, Leo Dovbenko, claims that the company believes in blockchain and cryptocurrency technology. YallaMarket has contributed to the growth of the UAE’s crypto economy.
“YallaMarket customers value their time and implement technologies in their lives actively, there is no doubt they are among pioneers of using crypto payments.”
To debut the crypto-based payment option, the grocery delivery service has teamed with CoinMENA, a Sharia-compliant crypto exchange based in Bahrain.
Talal Tabbaa, CEO of CoinMENA, feels that accepting cryptocurrency payments is the way of the future, as everyone will begin to use cryptocurrencies and other digital assets. Furthermore, companies will begin to accept cryptocurrency in the same way that they did the Internet. The region’s digital economy is booming, which will lead to increased crypto usage.
Previously, the supermarket delivery business declared plans to expand into Saudi Arabia and Qatar, following its success in the home market.
The UAE’s cryptocurrency sector is rapidly expanding.
The United Arab Emirates is quickly becoming a Middle Eastern crypto center. The government introduced crypto-friendly rules and policies in response to the growing popularity and demand for crypto, NFTs, and the metaverse. As a result, numerous large cryptocurrency exchanges, such as FTX, Binance, and BitOasis, have opened offices in the UAE.
In the midst of the country’s crypto push, Emirates Airlines, the UAE’s flag carrier, has recently entered the NFT and metaverse sphere. Furthermore, the availability of electrical resources encourages large crypto mining companies to develop into the UAE.