Digital assets are almost always making the headlines in the world. If it is not because Elon Musk is investing billions in it, it is because that cryptocurrency has reached its all-time high. However, the spending opportunity for cryptocurrencies is limited in nature. There are few brands that actually accept it, but now with the fast pace of the UAE, there are some major ones that have climbed aboard. Following are a few of the most eminent ones we found for you.
Cryptocurrencies – The hype
The digital assets are one of a kind and have taken the world by storm. The decentralized nature of cryptocurrencies is one of the major reasons why these are so lucrative in nature. The prices of cryptocurrencies are, however, fluctuating. Still, the popularity associated with Bitcoin, which is the initiator of all the cryptocurrencies that are available in the market today, is immense.
One of the largest software companies globally, Microsoft, accepts Bitcoin as a payment method. This goes a long way to instil faith in cryptocurrencies as they expand in nature. You can redeem it for credit by topping up your user account. These include services like Xbox Live and Skype. A point to note is that Microsoft’s interest doesn’t end there.
The company has also invested in crypto-based technology by formulating ION. It is a two-layered 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 coffee server in town is now providing a legitimizing pathway for cryptocurrencies. Starbucks is partnering with iPayYou to give its users the opportunity to use the Starbucks application to pay with Bitcoin. If you choose from the assortment of items on the menu online, you can pay through iPayYou’s Bitcoin wallet. The wallets use a tool known as Bitcoin Direct to automate cryptocurrency conversion to USD. In order to use the service, you will have to transfer bitcoin to the wallet first. Then using the real-time conversion rates, the currency will be transferred to your Starbucks app.
A leading finance company, PayPal Holdings Inc, has announced that its US-based customers can pay with their cryptocurrency holdings at millions of online merchants of PayPal present globally. The move has boosted the use of digital currency in everyday commerce. Customers who hold either Bitcoin, Bitcoin Cash or Litecoin in their PayPal digital wallets will be able to convert their holding into fiat currencies during checkouts in order to make purchases. Through this offering alone, PayPal has become one of the largest mainstream financial companies to fuel a rise in digital assets pricing.
The insurance giant’s Swiss arm has started to accept Bitcoin as a mode of payment recently. This has been done to meet “growing demand,” as the company claimed. Now private customers can pay for all non-life related products using Bitcoin. Due to regulatory reasons, however, life-related products do not carry this option.
AXA confirmed that Bitcoin will not be held on balance sheets. It will be returned to broker Bitcoin Suisse which will then convert into Swiss Francs. In ensuing this service, customers will be charged a 1.75% fee by Bitcoin Suisse. The decision was reached because a 2019 survey showed that AXA customers aged 18 to 55 already had crypto or planned to have it.
Pavilion Hotels and Resorts
Another name in the major brands accepting Bitcoin as a form of payment is the Pavillion Hotels and Resorts. The Hong-Kong based hotel group is the first amongst the international hotel chains to have embraced cryptocurrencies as a form of payment. In addition to Bitcoin, the hotel will be accepting 40 other tokens.
Lastly, if you are in the UAE, then 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 UAE provide an immense base for crypto-traders all around the globe. Be vigilant in your investments and make a choice that you should not regret. Happy cryptoing!