Digital assets are almost always in the headlines around the world. If it’s not because Elon Musk is investing billions in it, it’s because this cryptocurrency has reached its all-time high. However, the spending opportunities for cryptocurrencies are limited in nature. There are few brands that actually embrace it, but now with the fast pace of the UAE, there are a few major ones that have jumped on board. Here are some of the most prominent that we have found for you.
Cryptocurrencies – The Hype
Digital assets are one of a kind and have taken the world by storm. The decentralized nature of cryptocurrencies is one of the main reasons why they are so lucrative. The prices of cryptocurrencies are however fluctuating. Yet, the popularity associated with Bitcoin, which is the originator of all cryptocurrencies available in the market today, is immense.
One of the largest software companies in the world, Microsoft, accepts Bitcoin as a method of payment. This goes a long way in instilling trust in cryptocurrencies as they grow in the wild. You can exchange it for a credit by recharging your user account. These include services like Xbox Live and Skype. A point to note is that Microsoft’s interest does not stop there.
The company has also invested in crypto-based technology by formulating ION. It is a two-tier authentication platform on the Bitcoin network. Instead of payments, digital IDs are formulated through this technology that authenticates online identity. With Bitcoin on Microsoft, you can choose to buy games and consoles and add apps and services to your Windows Phone.
The most popular cafe server in town now offers a legitimating route for cryptocurrencies. Starbucks partners with iPayYou to give its users the ability to use the Starbucks app to pay with Bitcoin. If you choose from the assortment of online menu items, you can pay via iPayYou’s Bitcoin wallet. The wallets use a tool known as Bitcoin Direct to automate the conversion of cryptocurrency to USD. To use the service, you will first need to transfer bitcoins to the wallet. Then, using real-time conversion rates, the currency will be transferred to your Starbucks app.
A leading financial company, PayPal Holdings Inc, has announced that its US-based customers can pay with their cryptocurrency holdings at millions of PayPal’s online merchants around the world. This move boosted the use of digital currency in day-to-day trading. Customers who hold Bitcoin, Bitcoin Cash, or Litecoin in their PayPal digital wallets will be able to convert their holding to fiat currency at checkout in order to make purchases. Thanks to this offer alone, PayPal has become one of the biggest consumer financial companies to fuel a rise in digital asset prices.
The Swiss arm of the insurance giant recently started accepting bitcoin as a form of payment. This was done to meet “increasing demand”, as the company claimed. Now private customers can pay for all non-life related products using Bitcoin. For regulatory reasons, however, life-related products do not have this option.
AXA has confirmed that Bitcoin will not be held on balance sheets. It will be returned to the Swiss Bitcoin broker which will then be converted into Swiss francs. Following this service, customers will be charged a fee of 1.75% by Bitcoin Suisse. The decision was made because a 2019 survey showed that AXA customers between the ages of 18 and 55 already had crypto or were planning to have it.
Pavilion Hotels and Resorts
Another name among the big brands that accept Bitcoin as a method of payment is the Pavillion Hotels and Resorts. The Hong Kong-based hotel group is the first among international hotel chains to adopt cryptocurrencies as a method of payment. In addition to Bitcoin, the hotel will accept 40 other tokens.
Finally, if you are in the UAE, remember that you can even sell your Bitcoin in AED or buy your Bitcoin in AED if you want and when you want. Countries like the United Arab Emirates provide an immense base for crypto traders around the world. Be vigilant in your investments and make a choice you should not regret. Happy cryptography!
Contact person: Rahul Mehta
E-mail: Send an email