Dubai continues to pioneer crypto adoption as a means of payment as according to the latest development, Dubai-based FIVE Hotels and Resorts has announced it will now accept payment for its services in bitcoin (BTC) and ether (ETH).
FIVE Hotels and Resorts to Accept Crypto Payments
In yet another milestone for global crypto adoption, a Dubai-based hospitality group named FIVE Hotels and Resorts declared that it is now accepting payments for its services in the top two leading cryptocurrencies by reported market cap, BTC and ETH.
It’s worthy of note that the company’s decision to accept crypto payments comes soon after it publicly shared its plans to expand into Switzerland, which is one of the world’s most pro-crypto countries in terms of regulations.
The group’s director of revenue Mushal Nisthar notes the company has always wanted to be at the “forefront of blockchain and cryptocurrency innovation.” The firm’s expansion to Switzerland enables it to accept payment in the two most popular digital assets in existence today.
“Switzerland has always been at the forefront of fintech and cryptocurrency. FIVE Teams have worked with partners to ensure the best payment features are on offer for guests, allowing them to pay in Bitcoin and Ethereum.”
Several factors indicate that FIVE’s decision to embrace cryptocurrencies could work in the company’s favor. Firstly, most FIVE customers are young individuals, i.e., 78 percent of its customers are individuals below 35.
This sits well with the fact that the majority of crypto holders and users today are the youth. Close to 60 percent of the youth is said to hold or trade at least one digital asset.
Besides, a recent survey from one of the major accounting and consulting firms Deloitte revealed that most companies accepting crypto payments had witnessed a steep rise in their customers. FIVE would hope for a similar result after its embrace of crypto assets.
The report reads in part:
“Survey respondents are very optimistic about digital currencies in the consumer market, reporting broad agreement that accepting digital currency payments is already a point of differentiation, and are expected to see broad near-term adoption.”
“Overall, merchants broadly agree that organizations accepting digital currencies have a competitive advantage in the market (87 percent of respondents). In fact, an overwhelming majority of those who currently accept crypto as a payment instrument (93 percent), have already seen a positive impact on their business’ customer metrics, such as customer base growth and brand perception, and they expect this to continue next year,” stated the researchers.
Crypto Adoption Continues to Rise
Despite the global equity and crypto markets taking a severe beating as a result of a hawkish US Federal Reserve, companies and entities around the world continue to introduce support for digital currency payments.
As reported by crypto.news on June 6, Australia’s Gold Coast Major Tom Tate announced the local residents could soon be allowed to pay their taxes in cryptocurrencies such as bitcoin and ether.
In another development, Chipotle announced that it would accept payments in 98 different cryptocurrencies in nearly 3,000 Chipotle restaurants across the US.