Money & BusinessUAE

Dubai businesses welcome crypto as a payment option

Close on the heels of several global crypto exchanges bagging commercial licenses and moving headquarters to Dubai, a motley mix of neighbourhood establishments have opened its doors to people willing to lighten their wallets with bitcoin and the like.

Situated in Al-Quoz, Bake N More is a coffee and pastry shop, the first cafe in Dubai to accept cryptocurrency from its customers. While the cafe still accepts cash and credit cards, it welcomes a mixed bag of digital payments, including Bitcoin, Ethereum and Tether. For instance, if a bottle of water costs 5 dirhams ($1.36), the price payable in TerraUSD, a Stablecoin built on the Terra blockchain, would be about 1.36UST as it is pegged 1:1 against the US dollar.

The emergence of cryptocurrency as a mainstream tender has also invited the attention of Citizens School, an educational institution situated in the plush Al-Satwa locality.


Arab News

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