Virtuzone Is Now Accepting Bitcoin Payments For Business Setup In The UAE By being an early adopter, Virtuzone hopes to help bolster the growth of digital technologies in the country.

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Virtuzone, a UAE-based company formation specialist, is now accepting bitcoin payments for its business setup services.

Virtuzone, part of Dubai-based holding company Virtugroup, aims to make the business innovation industry in the UAE more inclusive by making cryptocurrency more accessible, affordable and convenient for entrepreneurs in the UAE and beyond. By being an early adopter of cryptocurrency, the company said in a statement, it hopes to help bolster the growth of digital technologies in the country. "Accepting bitcoin as payment is only one of the steps we are taking to continuously revolutionize how business setup is done in the country, adding significant value to our SME community and aiding the local economy," George Hojeige, CEO of Virtuzone, said when commenting on how exploring cryptocurrency aligns with company's mission.

Virtuzone is joining the likes of Microsoft, Whole Foods and Twitch and other companies in accepting bitcoin as payments for its products and services. As bitcoin becomes one of the most used cryptocurrencies globally, its value has reached approximately US$40,000 at one point in January of this year. According to data from crypto analytics website BitInfoCharts, from May 20-June 14 in 2020, bitcoin transaction fees decreased by 91% from $6.65 to $0.56- with a lower fee for monetary transactions, this, perhaps, is an incentive for businesses to accept bitcoin, and will make it interesting to watch.

Related: Bahrain's Rain Management Aims To Increase Crypto Assets Adoption After Raising US$6 Million In Series A Funding

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