Spotlight: FIVE Hotels and Resorts Expands to Dubai’s ‘Blockchain Capital’

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The acceptance of cryptocurrency as a method of payment is gradually becoming more common. The days of it being a niche investment are over – it’s largely for forward-thinkers and innovators outside of the financial space looking to integrate digital currencies.

Changing attitudes towards cryptocurrencies is only possible if different industries embrace digitalization – this includes the hospitality industry. A company that is making progress in this area is FIVE hotels and resorts, as the company plans to accept crypto payments, namely Bitcoin and Ethereum, for reservations. Based in Dubai, the hotel manages nearly 1,000 rooms in its hotels, FIVE Palm Jumeirah and FIVE Jumeirah Village, every day, maintaining an occupancy rate of at least 94%, including during summer and Ramadan . Seeking to expand internationally, it has also announced that it will expand to Zurich, Switzerland, opening a new resort that will also accept cryptocurrencies from day one, as the country’s laws allow.

FIVE Jumeirah Village

“We have always wanted to be at the forefront of blockchain and cryptocurrency innovation,” Mushal Nisthar, group chief revenue officer at FIVE Hotels and Resorts, told the Fintech Times. “With the United Arab Emirates taking a stand on cryptocurrencies in February, we have continued to look elsewhere to expand our own offering in the digital payments space. Switzerland is one of the countries that has always been at the cutting edge of fintech and cryptocurrency. We have worked with Oracle and Tide to ensure that we are able to offer the best payment features to our customers and allow them to pay in Bitcoin and Ethereum.

There are also other expansion plans in Dubai, as FIVE plans to open another resort on Jbr Street, the country’s ‘blockchain capital’. With more than three-quarters (78%) of its guests under the age of 35, a demographic believed to own nearly 60% of the world’s cryptocurrencies, FIVE has adapted to accommodate its customer base, s ‘installing at the heart of crypto-blockchain capital, as Nisthar said, “The positioning of Jbr in terms of the type of consumer it attracts and the type of attractions it has made the expansion a business huge and we are extremely excited for its launch.”

FIVE has joined the ranks of companies staying ahead of the game by introducing crypto payments: Prometheus International is just one example of a company selling properties for cryptocurrencies, raising €4.1 million in Cardano. Lamborghini dealerships have also accepted bitcoin as a form of payment, creating hype and excitement around new cars, and the luxury online retailer BitDialsoffering premium brands like rolex and Patek-Philippe also started accepting bitcoin.

All of these companies have been able to capitalize on a new customer base – a crypto-savvy customer base, and as that customer base grows, businesses already accepting crypto payments will reap the most rewards.

  • Francis Bignel

    Francis is a junior journalist with a BA in Classical Civilization, he has a specialized interest in North and South America.

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