Cryptocurrency & Blockchain Business

The Palm resort in Dubai deploys a blockchain payment system for guests

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Dubai’s Atlantis, The Palm resort has achieved a hospitality-sector first, with the roll out of a blockchain-based payment system for guests.

The resort has deployed the Lucid Pay smart settlement, which will enable guests to pay for services, activities and amenities at the hotel in a secure and easy fashion, reported

The new payment system gives guests at Atlantis either a wristband or a digital wallet to charge all their services during their stay. Details of every transaction are recorded in Lucid Pay, so that in the event of any dispute, both parties are able to see exactly what was charged for. Visibility into transactions will also help in combating fraud.

The solution will also be able to support loyalty applications.

Guests will be able to recharge the wristbands through the wallet application, which is available for iOS and Android, or through charging stations at the resort.

Anthony Lynsdale, vice president, Information Technology, Atlantis, The Palm, Dubai said: “This marks a significant achievement in the hospitality industry and we are proud to be one of the first.”

In future it is planned to extend the payment system to third-parties, so that guests can pay for events and services at other venues and charge them to their hotel bill.

Also in the UAE, luxury hotel units at Al Mahra Resort by Cristal in Ras Al Khaimah can now be purchased in Bitcoin or similar digital currency, it has been announced.

The four-star luxury resort is the first hotel project in the Middle East to be available through crypto currency, a statement said.

Located in the heart of Al Marjan Island in Ras Al Khaimah, the resort is being developed at an investment of AED350 million and is expected to open by 2020.

Featuring 548 rooms, suites and villas, the property is offering buyers the opportunity to purchase the units under strata title.

Onsite facilities include a lobby café, meeting rooms, all-day-dining restaurant, rooftop shisha lounge, wellness club, gym, spa for men and women, kids club, water sports facilities, an infinity pool and covered parking.

Al Mahra Resort by Cristal is owned by FAM Holding, a business conglomerate with diversified investments across the UAE.

Dr Faisal Ali Mousa Al Naqbi, owner and chairman of FAM Holding, said: “Some of the biggest names worldwide are warming up to cryptocurrency, therefore it is logical for us to offer people the opportunity to pay in bitcoin or similar currency rather than just fiat currency.

“Cryptocurrency has radically improved the transparency, speed and security of property transactions with smart contracts, hence it is really ground-breaking to do what we are doing. Of course, paying in bitcoin for this development is just an option. At the same time, we are very pleased to be working with the Cristal Group to open this resort. We believe that Cristal’s premium service and brand will add exceptional value to our property.”

Kamal Fakhoury, CEO at the Cristal Group, added: “We are delighted to expand our footprint in the UAE with a project like Al Mahra Resort by Cristal which will be an excellent addition to the destination.

“It holds tremendous potential for investors in the hospitality sector and opening to cryptocurrency will leverage its appeal among investors.”

Available for purchase at Al Mahra Resort by Cristal, prices start from AED532,000 and the project also offers a host of benefits to buyers such as complimentary stay for 14 days in a year, VIP membership with exclusive discounts, and guaranteed 8 percent return on investment for the first three years.

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