Bake N More, a Dubai-based cafe, has become the latest company from the region to add cryptocurrency as a payment option. According to the company’s owner, Mohammad Al Hammadi, Bake N More hinted at possible plans to pay employee salaries in cryptocurrency as well.
A Dubai-based cafe, Bake N More, has become the latest company to add cryptocurrency as another payment option available to customers. Despite taking this step, Bake N More will nonetheless continue to accept cash and credit card payments, the owner said.
According to his remarks published in a report by Khaleej Times, owner Mohammad Al Hammadi suggested the decision to add crypto to the list of payment methods was made in order to expand Bake N More’s reach. Al Hammadi also claimed the decision was because they “want Bake n More to be a coffee and pastry hub for crypto users in UAE.”
Elsewhere in the report, Al Hammadi is quoted explaining how Bake N More would charge clients that buy a cup of coffee using cryptocurrency. He explained:
Our payment system does the conversion accordingly as it is linked to the price charts. For instance, if a bottle of water cost Dh5 [$1.36], the system divides it by the chart rate, we can assume 3.68, and calculates the cost based on that will be 1.35 UST.
Meanwhile, Al Hammadi revealed that his company is currently storing digital currency and will only engage the relevant exchange platforms when it needs to convert to fiat. He also hinted that his company may in the future pay employee salaries in crypto.
As different authorities in the UAE continue to open up to cryptocurrencies, more companies are embracing them as well. For instance, Bitcoin.com News recently reported that the hospitality brand Stella Stays now accepts cryptocurrency.
What are your thoughts on this story? Tell us what you think in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
As different authorities in the UAE continue to open up to cryptocurrencies, more companies are embracing them as well. For instance, Bitcoin.com News recently reported that the hospitality brand Stella Stays now accepts cryptocurrency.
What are your thoughts on this story? Tell us what you think in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
In a recently released document, the Bank of Ghana (BOG) outlines some of its key reasons for developing the central bank digital currency (CBDC). Also, in the document, the bank's governor insists the institution is open to suggestions that will ... read more.
Nenhum comentário:
Postar um comentário