Bake N More in Dubai, which is also a cafe, added cryptocurrency as an option to their payment system. According to the company’s owner, Mohammad Al Hammadi, Bake N More hinted at possible plans to pay employee salaries in cryptocurrency as well.
UAE Crypto User Hub
Bake N More in Dubai is the latest cafe to offer cryptocurrency as a payment method. The owner of Bake N More stated that despite this move, Bake N More would still accept credit cards and cash payments.
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.”
Al Hammadi, a spokesperson for Bake N More, is quoted in the report explaining why clients who buy coffee with cryptocurrency would be charged by Bake N More. He explained:
As it’s linked to price charts, our payment system performs the conversion. A bottle of water costs Dh5 for example. [$1.36]When we divide it by chart rate, then the system calculates cost based on this to be 3.68 UST.
Converting from Fiat
Al Hammadi also revealed that the company is currently holding digital currency. He will only use these exchange platforms to convert it to fiat. His company could pay future salaries in cryptocurrency, he also indicated.
Companies are increasingly accepting cryptocurrencies as different UAE authorities continue to embrace them. Bitcoin.com News reports that Stella Stays is now accepting cryptocurrency.
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