Dubai-based cafe Bake N More announced recently that it will accept cryptocurrency as payments for purchases. It has become the first cafe in Dubai to accept payments in digital currencies from customers.
Mohammad Al Hammadi, the owner of Bake N More, announced the news on his Instagram post on March 28. The cafe will however continue to accept cash and credit card payments as well. The owner of the cafe took the decision to accept payments in cryptocurrencies in order to expand the cafe and to make it a coffee and pastry hub for crypto users in UAE, Khaleej Times reported.
Hammadi explained how clients would be charged in cryptocurrencies by the process of converting the cost of items into cost in cryptocurrencies by the payment system of the cafe.
The payment system is linked to the price charts. He explained with an example that if a bottle of water costs 5 Dirhams or $1.36, the system divides it by the chart rate, which can be assumed to be 3.68, and then the cost calculated on the basis of that payable in TerraUSD would be 1.35 UST. TerraUSD (UST) is the decentralised and algorithmic stablecoin of the Terra blockchain. Its value is pegged 1:1 to the US dollar.
The cafe currently stores the digital currency and will work with relevant parties to convert it into fiat.
Currently, the Bake n More cafe pays its employees salaries in fiat currencies. Although Hammadi did not explicitly state that he would pay the employees in crypto in future, he said that there are many possibilities in future.
Other companies in Dubai have also been warming up to cryptocurrencies. In March 2022, a hospitality brand from the United Arab Emirates (UAE), Stella Stays, announced that its clients can pay for services with cryptocurrencies. Clients can pay with bitcoin, ethereum, and 35 more digital assets.
(For the latest crypto news and investment tips, follow our Cryptocurrency page.)
Mohammad Al Hammadi, the owner of Bake N More, announced the news on his Instagram post on March 28. The cafe will however continue to accept cash and credit card payments as well. The owner of the cafe took the decision to accept payments in cryptocurrencies in order to expand the cafe and to make it a coffee and pastry hub for crypto users in UAE, Khaleej Times reported.
Hammadi explained how clients would be charged in cryptocurrencies by the process of converting the cost of items into cost in cryptocurrencies by the payment system of the cafe.
The payment system is linked to the price charts. He explained with an example that if a bottle of water costs 5 Dirhams or $1.36, the system divides it by the chart rate, which can be assumed to be 3.68, and then the cost calculated on the basis of that payable in TerraUSD would be 1.35 UST. TerraUSD (UST) is the decentralised and algorithmic stablecoin of the Terra blockchain. Its value is pegged 1:1 to the US dollar.
The cafe currently stores the digital currency and will work with relevant parties to convert it into fiat.
Currently, the Bake n More cafe pays its employees salaries in fiat currencies. Although Hammadi did not explicitly state that he would pay the employees in crypto in future, he said that there are many possibilities in future.
Other companies in Dubai have also been warming up to cryptocurrencies. In March 2022, a hospitality brand from the United Arab Emirates (UAE), Stella Stays, announced that its clients can pay for services with cryptocurrencies. Clients can pay with bitcoin, ethereum, and 35 more digital assets.
(For the latest crypto news and investment tips, follow our Cryptocurrency page.)