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.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Shutterstock

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

Living

The 3 Lifestyle Habits That Made Me Sharper, Stronger and More Successful

These three simple yet powerful lifestyle changes transformed my productivity, energy and mindset. Here's how you can do the same.

Science & Technology

Tech Giants Are Pouring Billions Into AI Data Centers — Are We Ready for the Real Estate Shift That Comes With It?

A silent land rush is underway — AI giants like OpenAI and Meta are buying up real estate at an unprecedented scale. But why, and what does it mean for the future of property markets?

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Side Hustle

This Couple Started a Side Hustle to Improve a 'Terribly Made' Bathroom Essential. Now the Business Earns More Than $3 Million a Year.

Michael Fine and Lisa Schulner-Fine launched lifestyle brand Quiet Town in 2016 and have been growing it ever since.

Business Ideas

How to Make a Fortune With $100

Seven entrepreneurs share businesses you can start from practically nothing.

Leadership

How Successful Leaders Get More Done in Less Time

The most successful leaders don't work longer; they manage their time with intention. Here's how to master time-blocking, prioritization and delegation to get more done in less time.