Palazzo Versace Dubai, a luxury resort in the United Arab Emirates (UAE), is now accepting bitcoin and some cryptocurrencies as payment for services, per a press release.
The resort has partnered with Binance, the world’s largest cryptocurrency exchange, enabling its customers to pay with bitcoin. Starting September 7, customers have been able to use bitcoin to pay for room stays, restaurants, meetings, events and spa experiences. All guests now have the option to pay at the property using the Binance app.
“We continue to be the pioneers of innovation and growth in the hospitality business,” said Monther Darwish, managing director of Palazzo Versace, per the release. “Accepting cryptocurrencies as payments is yet another innovative step that we have taken towards making our business future-ready”.
The next phase of the launch will see the resort tackle online payments integration and is expected “soon after”. Following the integration, Palazzo will accept the new form of payment through its e-commerce platform, which also enables customers to purchase gift cards and browse its flower shop.
Palazzo’s acceptance of bitcoin comes on the heels of financial institutions like FTX exchange and Komainu entering Dubai as the region attempts to become a hub for digital innovation.
“Palazzo Versace’s ability to now accept payments in virtual assets is a reflection of how the hospitality industry in Dubai is at the forefront of innovation as we move into a more digital world,” said Nadeem Ladki, head of business development for Binance in the region.
“Payments is just the beginning and we look forward to building on this partnership together,” Ladki concluded.