Dubai: FIVE Hotels Unveils Support for Bitcoin and Ether Payments

jossiel

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Quote from: lixer on June 16, 2022, 03:59:08 PM

Quote from: jossiel on June 16, 2022, 04:21:24 AM

I think this is correlated with CZs decision of having their team of operations in Dubai. I've read from someone that crypto meetups are made in Dubai because it's a crypto friendly country.

And by that, CZ has made Dubai a better crypto friendly country because AFAIK, they've got a license there. For which, this is going to make most of the companies there to be easy and adoptive with crypto payments.

Not only CZ but there are other crypto personalities and companies that are also going on this country to do a business. It's not that this country is crypto friendly but because Dubai is a good place and known for businessmen to do a meeting. It has to do with the ambiance I guess? But other than Dubai, there are also other countries that are involved sometimes.

It's important that there are hotels that accepts crypto payments just in case there are business/meet ups that are going to happen again for crypto enthusiasts all over the world and it's a good thing that they only accept the main crypto which are eth and btc, not dogecoin and shib which are also being planned to be accepted on major services.

It's because of their government and policies.

When a country has a good policy towards businesses and businessmen, they're likely to be the place where flock of businesses will come and as well as investors.

As for the acceptance, it's what they see that many of these crypto personalities are going there for business matters. And that's a good part for the adoption on businesses like this.

Leebabe

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This shows that cryptocurrency is the future. But does this topic fit into the 'Trading Discussion'?

Potato Chips

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yesssir! 🫡

That's one hell of a misleading article lol. They should've been more clearer, it looked like the Dubai branches are also accepting crypto payments.

Found a lesser evil article. Most news sources are also referencing to this as it looks like Five hotel did an interview with them.

Quote from: https://thefintechtimes.com/spotlight-five-hotels-and-resorts-expands-to-zurich-and-launches-crypto-payments/

On the precipice of expanding internationally, FIVE has announced it will be opening doors to FIVE Zurich on 30th June 2022 where the company plans to accept crypto payments, namely Bitcoin and Ethereum, for bookings. This new entertainment hotel will be accepting cryptocurrencies as payment from guests from day one, as legislation in the country permits it.

...Nisthar, group director of revenue at FIVE Hotels and Resorts, told The Fintech Times. “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.”

Let's just hope they partner with a gateway that has friendlier terms e.g. not those who has a history of KYCing their merchant's customer as that could deter people for opting for crypto payments.

lixer

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Quote from: jossiel on June 16, 2022, 04:21:24 AM

I think this is correlated with CZs decision of having their team of operations in Dubai. I've read from someone that crypto meetups are made in Dubai because it's a crypto friendly country.

And by that, CZ has made Dubai a better crypto friendly country because AFAIK, they've got a license there. For which, this is going to make most of the companies there to be easy and adoptive with crypto payments.

Not only CZ but there are other crypto personalities and companies that are also going on this country to do a business. It's not that this country is crypto friendly but because Dubai is a good place and known for businessmen to do a meeting. It has to do with the ambiance I guess? But other than Dubai, there are also other countries that are involved sometimes.

It's important that there are hotels that accepts crypto payments just in case there are business/meet ups that are going to happen again for crypto enthusiasts all over the world and it's a good thing that they only accept the main crypto which are eth and btc, not dogecoin and shib which are also being planned to be accepted on major services.

YOSHIE

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Dubai is currently one of the countries in the spotlight of world investors, they want to create a super power country with a tourism phenomenon that is unmatched by other countries.
luxury hotels like Jumeirah, the world's largest Ski Dubai, Waterpark, unparalleled Mall, also including the grandest world cup stadium, and so many other tourist attractions, it is proper for dubai to use Bitcoin/crypto payments, for tourists who visit there, considering that tourists who come to dubai are tigers of the state.

Actually news about hotels accepting crypto payments has long been known to the general public, maybe you can also see the news below, besides hotels in dubai that accept crypto/Bitcoin.
• Dubai's Retail Giant Majid Al Futtaim Accepts Crypto at 29 Shopping Malls and 13 Hotels in Partnership With Binance.

• 7 restaurants that accept cryptocurrency in Dubai.

hugeblack

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I have stayed in one of the FIVE Palm Jumeirah Hotel and it was a great experience, good to hear that they accept Bitcoin but their prices are average as 200$ is enough to spend a night in one of their hotels and have a view of Palm Jumeirah.

Unfortunately, the adoption of Bitcoin did not witness a growth in the UAE as a whole and Dubai in particular, but with the permission of companies like Binance to operate, we will witness growth in this sector.
As for the reason for the lack of growth, it is because there is no adoption or support from the government for cryptocurrencies.

jossiel

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I think this is correlated with CZs decision of having their team of operations in Dubai. I've read from someone that crypto meetups are made in Dubai because it's a crypto friendly country.

And by that, CZ has made Dubai a better crypto friendly country because AFAIK, they've got a license there. For which, this is going to make most of the companies there to be easy and adoptive with crypto payments.

avikz

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While it's definitely a good news, but it will be interesting to see how many travelers actually opt for crypto payments over the other available payment method. While crypto offers anonymity, the available payment methods like plastic cards offers convenience. But I think it will be very handy for international travelers because they won't have to pay currency conversion charges while using bitcoin or ETH while making such payments. I just hope that they accept LN to add more convenience to the travelers.

Kasabus

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Quote from: palle11 on June 14, 2022, 12:32:52 PM

UAE is showing more light to the countries of Asia and Dubai making the visitors coming into their hotel having a choice of payment is another plus to bitcoin adoption. I think it will be a greater success when payment for flight bookings into and out of Dubai is done through bitcoin because Dubai is surely one of the most tourist cities of the world.

I think next to their big leap is accepting crypto payment in their international airports as it would attract more tourists from other far and neighboring countries. I believe they are seeing this already that crypto will be a big thing in the market and that they make sure to stay ahead from other hotels and resorts as that would create more income on their part as they now both accept both fiat and crypto.

Finestream

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Quote from: franch on June 11, 2022, 12:48:56 PM

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.

Source: https://crypto.news/dubai-five-hotels-bitcoin-btc-ether-eth-payments/

This is another great achievement for crypto, indeed. Dubai has always been very open for tourists who want to explore their country and offer their best resorts and hotels. So adopting crypto payments is certainly a good advantage as the people around the world have seen that crypto will always be in progress and become the trend now. Hopefully, not only their resorts and hotels will be open for crypto payments, but also their huge tourist spots and big department stores will widely accept crypto.

SFR10

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Quote from: Flexystar on June 14, 2022, 10:00:35 AM

They understand the risk of volatility and continues to accept bitcoin anyways.

Even though I had no luck in discovering how they're going to accept such payments in the near future, I'm pretty sure they'll just use one of those services that auto-converts everything.

Quote from: palle11 on June 14, 2022, 12:32:52 PM

and Dubai making the visitors coming into their hotel having a choice of payment is another plus to bitcoin adoption.

Quote from: Husires on June 14, 2022, 02:32:13 PM

The news is good for those who are planning to visit Dubai, they may use one of these hotels for nothing but the fact that they accept Bitcoin.

As it stands, none of their Dubai branches offers or rather accepts such payments ^{[only their Zurich branch]}!

Quote from: palle11 on June 14, 2022, 12:32:52 PM

I think it will be a greater success when payment for flight bookings into and out of Dubai is done through bitcoin

Here you go: Overview of all airline & flight ticket sites that accept bitcoin

I don't think this thread belongs to the "Trading Discussion" board!

Husires

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5 hotels in a city that is considered a leader in tourism and hospitality is considered a small number, As of 2019, there were 544 completed and operating
hotels and certainly this number has reached more than 600 hotels, which means that the proportion of the 5 hotels does not represent even 1%,

Source: https://en.wikipedia.org/wiki/List_of_hotels_in_Dubai

We are still in the early stages of mass adoption, and it is a good step, but it is a small step and does not represent a leap, especially if these hotels accept payments in cryptocurrencies and convert them directly to dollars.

The news is good for those who are planning to visit Dubai, they may use one of these hotels for nothing but the fact that they accept Bitcoin.

palle11

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UAE is showing more light to the countries of Asia and Dubai making the visitors coming into their hotel having a choice of payment is another plus to bitcoin adoption. I think it will be a greater success when payment for flight bookings into and out of Dubai is done through bitcoin because Dubai is surely one of the most tourist cities of the world.

Flexystar

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One strong point to note here, though crypto is crumbling down into bearish market it is not hampering the decisions of big corporations (hotel chains in this case). This means the management must have studied all the pros and cons of market and it’s effect on their revenue generation. They understand the risk of volatility and continues to accept bitcoin anyways.

Dubai is obviously land of richest always thrives into modernity and accept everything with open arms. This decision will attract big crowds, lavish tourists to their front yard for sure. Great to read this news.

SFR10

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Quote from: franch on June 11, 2022, 12:48:56 PM

The firm’s expansion to Switzerland enables it to accept payment in the two most popular digital assets in existence today.

CMIIW, but this essentially means such payments are "only" available to guests on their soon-to-be-open ^{[end of June]} Zurich branch!
^{- I'm not sure what's stopping them from offering such payments for their other two Dubai branches, but I remember reading an article in the past month or so about certain hotels in UAE that started accepting BTCitcoin.}

franch

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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.

Source: https://crypto.news/dubai-five-hotels-bitcoin-btc-ether-eth-payments/

Topic: Dubai: FIVE Hotels Unveils Support for Bitcoin and Ether Payments (Read 167 times)