UAE-based grocery delivery service YallaMarket said on Wednesday it has started accepting cryptocurrencies as payment.
Currently, the company is only accepting stablecoins Tether (USDT) and USD Coin (USDC). Moreover, the company plans to accept crypto investments from its partners and investors in the Middle East and North African region. YallaMarket will also pay salaries in digital assets in the future.
UAE Grocer YallaMarket Accepts Crypto Payments
YallaMarket is the fastest-growing grocery delivery service in Dubai. With crypto adoption growing at a remarkable rate in the country, YallaMarket has added USDT and USDC as payment options for its diverse group of customers, as reported by Khaleej Times on April 20.
Leo Dovbenko, CEO and co-founder of YallaMarket, asserts the company believes in blockchain and cryptocurrency technologies. As the crypto economy in the UAE grows, YallaMarket has made its contribution.
“YallaMarket customers value their time and implement technologies in their lives actively, there is no doubt they are among pioneers of using crypto payments.”
The grocery delivery service has partnered with CoinMENA, a Sharia-compliant crypto exchange based in Bahrain, to launch the crypto-based payment option.
Talal Tabbaa, CEO of CoinMENA, believes the acceptance of crypto payments is the future as everyone will start using cryptocurrencies and other digital assets. Moreover, businesses will start using crypto just as they did accept the Internet. The boom in the digital economy in the region will drive more crypto adoption.
Previously, the grocery delivery service had also announced plans of expanding into Saudi Arabia and Qatar, after growing in the domestic market.
Crypto Sector Expands Rapidly in the UAE
The United Arab Emirates is becoming a crypto hub in the Middle East. The growing popularity and demand for crypto, NFTs, and metaverse led the government to introduce crypto-friendly regulations and policies. It has resulted in many leading crypto exchanges including FTX, Binance, BitOasis opening offices in the UAE.
Recently, the flag carrier of the UAE, Emirates airline also entered the NFT and metaverse space amid the crypto push in the country. Furthermore, the availability of power resources is also encouraging big crypto mining firms to expand into the UAE.