Dubai: Cryptocurrencies as payment at Bake N More café

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Dubai: Cryptocurrencies as payment at Bake N More café

Bake N More, a café in Dubai, will accept cryptocurrencies as a means of payment, making it the first café to do so.

Bake n More’s owner, Mohammad Al Hammadi, said the company presently pays employees in fiat currency, but he didn’t rule out paying employees in cryptos in the future. ” We won’t limit ourselves in the future.”

According to the Triple-a.io website, there are almost 300 million crypto users worldwide, with about 150,000 in the United Arab Emirates, and the numbers are growing.

Al Hammadi, who will launch his first café in Al Quoz on March 29 said,
“With these statistics, it is not hard to look at the untapped market in UAE. Also, the most important is that I have been using Mixin Messenger and its wallet. I feel very safe and easy to use this wallet to safely keep my crypto. We are still accepting cash and credit card payments but we have added crypto to expand the reach to different users. We want Bake n More to be a coffee and pastry hub for crypto users in the UAE.”

Al Hammadi responded to a question about how much coffee would cost in cryptos by saying: “Our payment system does the conversion accordingly as it is linked to the price charts. For Instance, if a bottle of water costs Dh5, 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.”

The TerraUSD (UST) is the Terra blockchain’s decentralized and algorithmic stable coin. Its worth is equal to one dollar in the United States. He continued that they recently store the digital currency and will work with relevant parties to convert it into fiat. KMB/Expat Media


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