Tuesday, 21 March 2023

Crypto News

The state of crypto adoption in Dubai

The state of crypto adoption in Dubai

The city of Dubai has been very welcoming to the crypto space, providing the much-needed regulatory clarity to help the industry thrive. While this attracts native Web3 and crypto businesses to the emirate, even non-crypto businesses started integrating technologies like crypto, nonfungible tokens (NFTs) and even the metaverse into their operations. 

Cointelegraph went to explore various parts of Dubai to find out how crypto and Web3 technologies have been integrated within some businesses in the emirate.

Ordering groceries with cryptocurrencies

Day To Day, one of the popular and most affordable grocery chains in Dubai, announced that it started to accept crypto payments last year. On Aug 8, local media outlet Khaleej Times reported that the hypermarket has started to accept crypto as payment in their online store and several of their branches throughout Dubai. 

Cointelegraph recently visited the store’s Al Quoz Branch to use crypto to buy groceries within the popular shopping brand. However, despite the advertisements of accepting crypto being displayed all over the store, the staff told Cointelegraph that in-store crypto purchases are unavailable and directed to use the online store instead.

Day to Day Hypermarket advertising that they accept cryptocurrencies.

Despite the lack of support in one branch, the good news is that crypto users can still shop using crypto within the online store. The branch accepts Bitcoin (BTC), Ether (ETH), Tether (USDT) and various other coins as payment for online orders. 

Screenshot of the checkout system in Day To Day’s online store. Source: Day to Day

Cointelegraph also reached out to the official Day To Day Hypermarket team to get their comments but did not get a response. 

Luxury cars in the real world and in the metaverse

Dubai appeals to many who want a taste of luxury, and one of the most popular ways to experience luxury is to drive expensive cars. Cointelegraph spoke with a luxury car club based in Dubai that found a way to utilize NFTs and various Web3 technologies in their business. 

Some of Elchai Group’s luxury cars. Photo by: Joanna Alhambra

A luxury project called Elchai Group is bringing luxury cars to the decentralized community through NFTs. Maria Xenofontos, the chief marketing officer, told Cointelegraph that their NFT holders who are also automatically members of their car club will be able to rent physical exotic cars within their Elchai car collection. Xenofontos also explained that: 

“Our team…

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