Despite continued volatility in the crypto market, the UAE's adoption of crypto assets remains strong. In a recent development, one of Dubai's most exclusive luxury hotels has begun accepting Shiba Inu cryptocurrency payments. W Dubai - The Palm is the name of this luxury hotel, which is a five-star facility with 347 guest rooms ranging between $147 (approximately Rs. 12,000) and $655. (roughly Rs. 53,000).
Shiba Inu (SHIB) is a meme-coin that was launched in 2020 and is presently valued at $0.0000088 (approximately Rs. 0.000711) according to Gadgets 360's crypto price tracker.
Booking rooms for this Marriott International-owned hotel is now available through SHIB, with information beginning to emerge on Twitter.
Dubai has made progress in establishing itself as a crypto center.
In Dubai, the crypto industry is overseen by a formal regulatory framework. In March of this year, UAE Prime Minister Sheikh Mohammed bin Rashid Al Maktoum approved new legislation for virtual assets while also establishing an independent organization to monitor the regulation of the crypto realm.
The Palazzo Versace Dubai hotel began accepting cryptocurrencies such as Bitcoin, Ether, and Binance Coin in September for lodging, dining, and spa services. The Palazzo Versace Dubai has teamed with Binance to provide guests with the option of making payments in cryptocurrency.
Not only hotels but also other companies in Dubai are experimenting with cryptocurrency payments. Damac Properties, a Dubai-based real estate developer, said in April that it will accept cryptocurrency payments.