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RIYADH: Dubai-based Majid Al Futtaim group has signed a strategic partnership with Binance, the largest crypto exchange, to enable it to harness Web3 technologies.

Web3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics.

The agreement will see a number of blockchain projects, including the listing of non-fungible tokens, or NFTs, on the Binance marketplace, and the creation of a digital wallet infrastructure to hold virtual assets from multiple platforms.

In addition to the integration of Binance Pay, it will allow customers to purchase with virtual assets at Majid Al Futtaim’s various destinations in line with appropriate laws and regulations.

“We are delighted to be partnering with global Web3 leader, Binance on the new frontiers of customer engagement and experience and look forward to working in tandem to evolve the third generation of web technology, develop strong capabilities and deliver innovation and world-class omnichannel experiences to our customers,” Alain Bejjani, CEO at Majid Al Futtaim said. 

Changpeng Zhao, CEO and co-founder of Binance added: “Through partnerships like these, we will see the innovative use-cases that come to define the next digital era emerge, and Majid Al Futtaim is positioned to become a trailblazer in bridging the gap between physical and Web3 experiences.”