Emirates has signed a memorandum of understanding (MoU) with Crypto.com to explore ways to integrate cryptocurrency within its payment systems. The company emphasised it aims to maintain the “highest security and compliance standards” in its adoption of the the system.
The integration of crypto payments is expected to take effect sometime next year.
“Partnering with Crypto.com to integrate cryptocurrency into our digital payments system reflects Emirates’ commitment to meeting evolving customer preferences, in addition to tapping into younger, tech-savvy customer segments who prefer digital currencies,” said Emirates deputy president and chief commercial officer Adnan Kazim. “This strategic move is in line with Dubai’s vision to be at the forefront of financial innovation while at the same time providing our customers with greater flexibility and choice in how they transact with Emirates.”
Crypto.com president and COO Eric Anziani added: “As we continue to expand the everyday use case for crypto, integration with exceptional partners such as Emirates will bring real momentum to the digital asset industry and enable both companies to offer genuine innovative finance solutions for our customers.”
The two companies are also exploring promotional marketing campaigns to encourage crypto adoption. The partnership comes as Dubai positions itself as a “global cryptocurrency hub” with a number of companies in Dubai already accepting it.
Cryptocurrency is a form of digital currency that operated independently from the oversight of banks or government. Rather, it operates on a peer-to-peer network or a ‘blockchain’, and uses cryptographic algorithms to verify and secure transactions without relying on a central authority.