Crypto.com Expands Into the MENA Region with a New Partnership

The adoption of crypto payments for real-world utilities is growing fast particularly in MENA region.

Crypto.com has announced an "innovative partnership" with the leading petroleum company in the United Arab Emirates (UAE), Emarat.

The leading crypto exchange, which was granted a greenlight to trade in Dubai last year, will now provide crypto payments service in fuel stations across the region.

Announcing the partnership on Wednesday, crypto.com says that it has joined forces with Emarat to introduce a "new era of payment options" at the company's service stations.

Officially known as Emirates General Petroleum Corporation, Emarat is a prominent state-owned energy company in the UAE. It was established in 1980 by the UAE government and has become a leading distributor of petroleum products throughout the nation.

The partnership will enable Emarat customers to pay for fuel and other services using cryptocurrencies, such as XRP, through the Crypto.com platform.

Initially, crypto payments will be available at 10 Emarat service stations. Afterward, depending on the success and consumers' reception, it plans to expand across the company's network of over 155 stations.

At Emarat's Crypto.com-enabled service stations, payments will be processed via Crypto.com Pay. This means that you can pay with any of the cryptocurrencies supported by that checkout solution.

As of today, Crypto.com Pay customers can settle purchases using these cryptos on the Crypto.com App:

* Major coins: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dogecoin (DOGE), Litecoin (LTC)

* Stablecoins: USD Coin (USDC), Tether (USDT), Dai (DAI), PayPal USD (PYUSD)

* DeFi & altcoins: Cronos (CRO), Wrapped Bitcoin (WBTC), Polygon (MATIC), Cardano (ADA),

Boost For Adoption Of Crypto Payments

This collaboration marks the first integration of digital asset services at fuel stations in the region, highlighting the UAE's progressive stance on cryptocurrency adoption.

This will provide greater convenience and flexibility for consumers. It also aligns with the Gulf state's vision of becoming a global hub for digital innovation.

Emarat operates a comprehensive network of service stations and fuel depots throughout the UAE. It distributes a wide range of petroleum products, including gasoline, diesel, kerosene, liquefied petroleum gas (LPG), and jet fuel.

The company also offers a variety of services to motorists, such as tire repair, oil changes, and car washes.

Last year, the leading crypto exchange was granted a greenlight to trade in Dubai. It was among the first to receive approval from the Dubai Virtual Asset Authority (VARA) to operate a full cryptocurrency exchange in the Gulf state.

In another development, the VarA has granted a slew of regulatory approvals to web3 entities, and it is also making great strides in the adoption of crypto payments for real-world utilities.