Major international airline Emirates signed a memorandum of understanding (MoU) with Crypto.com to integrate Crypto.com Pay into the airline’s payment infrastructure, with implementation expected next year.
The signing ceremony took place in the presence of His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline & Group, the airline announced on Wednesday.
The MoU was signed by Adnan Kazim, Emirates’ deputy president and chief commercial officer, and Mohammed Al Hakim, president of Crypto.com’s UAE operations.
“This strategic move is in line with Dubai’s vision to be at the forefront of financial innovation while at the same time providing our customers with greater flexibility and choice in how they transact with Emirates,” Kazim said.
Beyond payment integration, the two companies will collaborate on promotional campaigns to raise awareness and drive user adoption once the service goes live.
Related: Dubai regulator clarifies real-world asset tokenization rules
Dubai eyes leadership in crypto
The integration comes amid Dubai’s push to lead in crypto, as the city seeks to establish itself as a primary hub for blockchain and digital asset projects.
Backed by regulatory clarity and a pro-innovation environment, several industries in the emirate, from real estate to telecommunications, have already opened their doors to cryptocurrency payments.
Earlier this year, Tether partnered with UAE-based Reelly Tech to expand the use of its USDt (USDT) stablecoin in real estate transactions. The deal allows buyers to use USDt to purchase property through 30,000 Reelly Tech agents globally.
Last month, the Dubai Financial Services Authority (DFSA), the financial regulator in charge of the Dubai International Financial Centre (DIFC), approved Ripple’s RLUSD stablecoin. DIFC companies can now use the RLUSD stablecoin for various virtual asset services.
The Dubai Multi Commodities Centre free zone has attracted over 600 crypto companies, with more firms flocking to the Dubai International Financial Centre and One Central district as the country positions itself as a leader in digital finance.
Related: Dubai taps Crypto.com to enable crypto payments for govt services
Dubai sees real estate boom
Dubai’s real estate market reached new highs in May, with sales totaling 66.8 billion dirhams (around $18.2 billion) across 18,700 transactions, a 44% increase in value year-on-year. The surge came amid an accelerating push into real estate tokenization.
In May alone, multiple initiatives, including a $3 billion RWA deal involving MultiBank Group, real estate giant MAG and blockchain infrastructure provider Mavryk, were launched by government and industry players.
On May 19, the Virtual Asset Regulatory Authority, Dubai’s crypto regulator, updated its guidelines to include provisions for real-world asset (RWA) tokenization. Lawyer Irina Heaver told Cointelegraph these rules give issuers and exchanges a clear path to launch and trade tokenized real estate assets.
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