YallaMarket payment system accepts stable coins USDT (Tether) and USDC.
These are blockchain-based cryptocurrencies whose tokens in circulation are backed by an equivalent amount of US dollars, making them stablecoins with a price pegged to $1.00. So, bananas — one of the most popular items, which costs Dh7 on average, can be purchased for 1.91 USDT.
Besides launching a new payment method for its customers, the startup is also geared up to receive crypto investments from Mena-based partners and is considering paying salaries via digital assets in the future.
Acceptance of certain cryptos has been growing exponentially in the UAE. As reported by Khaleej Times, the Dubai-based Bake N More café, owned by an Emirati businessman Mohammad Al Hamadi, became the first café in the Emirates to accept cryptocurrencies as a form of payment. A number of customers used their cryptos to pay for their purchases at the café in the first couple of days it started accepting this new mode of payment.
According to YouGov, 67 per cent of UAE residents say they are interested in investing in cryptocurrencies within the next five years. At the same time, UAE is one of the top markets globally, where 40 per cent of consumers say they trust cryptocurrencies, YouGov says.
“We can see now that the world is increasingly adopting blockchain and cryptocurrency technologies. YalaMarket could not stand aside as a company based in the UAE — a global hub for financial technologies. Moreover, as YallaMarket customers value their time and implement technologies in their lives actively, there is no doubt they are among pioneers of using crypto payments,” said Leo Dovbenko, CEO and co-founder of YallaMarket.
In order to launch a new payment method, YallaMarket partnered with CoinMena, a digital assets exchange licensed by the Central Bank of Bahrain.
“Crypto adoption is growing rapidly in the region. As the digital economy grows, using crypto as a medium of exchange is a no-brainer. Like all businesses started using the internet 20 years ago, everyone will start using crypto now; it is inevitable,” said Talal Tabbaa, CEO of CoinMena.