Bake N More, a Dubai-based cafe, has become the region’s latest business to accept cryptocurrencies as payment. According to Mohammad Al Hammadi, the company’s owner, Bake N More has hinted at the possibility of paying employee salaries in bitcoin as well.
A Cryptocurrency Hub in the United Arab Emirates
Bake N More, a Dubai-based cafe, has become the latest business to accept cryptocurrencies as a form of payment. Despite this change, the proprietor stated that Bake N More will continue to take cash and credit card payments.
According to comments published in a Khaleej Times report, owner Mohammad Al Hammadi indicated that the decision to include cryptocurrency to the list of payment methods was taken to broaden Bake N More’s reach. Additionally, Al Hammadi stated that they made the choice because they “want Bake n More to be a coffee and pastry hub for cryptocurrency users in the UAE.”
Al Hammadi is also featured in the report describing how Bake N More will charge clients who purchase a cup of coffee using cryptocurrency. He elaborated:
As our payment system is linked to the price charts, it automatically converts. For example, if a bottle of water costs Dh5 [$1.36], the system divides the price by the chart rate, which we may guess is 3.68, and calculates the cost as 1.35 UST.
Changing to Fiat
Meanwhile, Al Hammadi disclosed that his organisation is now storing digital currency and will only use the appropriate exchange platforms to convert to fiat when necessary. Additionally, he intimated that his organisation may pay staff salaries in cryptocurrency in the future.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
