The main international airlines Emirates have signed a memorandum of understanding with Crypto.com to integrate Crypto.com Pay into the airline’s payment infrastructure, with the implementation scheduled for next year.
The signature ceremony took place in the presence of its Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and CEO of Emirates Airline & Group, the airline announced on Wednesday.
The memorandum of understanding was signed by Adnan Kazim, vice-president and commercial director of Emirates, and Mohammed Al Hakim, President of Crypto.com water operations.
“This strategic decision complies with Dubai’s vision to be at the forefront of financial innovation while providing our customers with greater flexibility and choices in the way they transform with Emirates,” said Kazim.
Beyond the integration of payments, the two companies will collaborate on promotional campaigns to raise awareness and stimulate the adoption of users once the service is online.
In relation: The Dubai regulator clarifies the rules of tokenization of real assets
Dubai Eyes Leadership in crypto
Integration comes in the middle of Dubai’s push to direct in crypto, while the city seeks to establish itself as a main hub for blockchain and digital active projects.
Supported by regulatory clarity and a pro-innovation environment, several emirate industries, from real estate to telecommunications, have already opened their doors to cryptocurrency payments.
Earlier this year, Tether has teamed up with Reelly Tech based to expand the use of its stablecoin USDT (USDT) in real estate transactions. The agreement allows buyers to use USDT to buy a property via 30,000 Reelly technical agents worldwide.
Last month, the Dubai Financial Services Authority (DIFC), the financial regulator in charge of the Dubai International Financial Center, approved Rusd de Ripple’s Rusd Rlusd. DIFC companies can now use Stablecoin RUSD for various virtual asset services.
The Dubai Multi Commodities Center Free Zone has attracted more than 600 cryptographic companies, with more businesses flowing the Dubai International Financial Center and a central district while the country is positioned as a leader in digital finance.
In relation: Dubai Taps Crypto.com to activate cryptographic payments for Govt services
Dubai sees the real estate boom
The Dubai real estate market has reached new heights in May, sales totaling 66.8 billion dirhams (approximately 18.2 billion dollars) out of 18,700 transactions – an increase of 44% of annual shift value. The wave occurred in the middle of an acceleration thrust in real estate tokenization.
In May only, several initiatives, including an RWA agreement of $ 3 billion involving the Multibanque group, the real estate giant MAG and the Blockchain Mavryk infrastructure provider, were launched by government and industry players.
On May 19, the Virtual Asset Regulatory Authority, Dubai’s Crypto Regulator, updated its guidelines to include provisions for the tokenization of real assets (RWA). Lawyer Irina Heaver told Cintelegraph that these rules gave transmitters and exchanges a clear path to launch and exchange token real estate assets.
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