Damac will Accept Bitcoin and Ethereum as Cryptocurrencies
The move will change the future of the real estate and make it easier for investors all over the world.
Damac Properties, a real estate developer, announced on Wednesday that it would sell property in exchange for the cryptocurrencies Bitcoin and Ethereum.
The Dubai-based company said that allowing cryptocurrency to be used to purchase real estate will revolutionize the future of the real estate. It will also provide convenience and flexibility to real estate investors all over the world.
"This move toward customers holding cryptocurrency is one of our initiatives to accelerate the new economy for younger generations and the future of our industry," said Ali Sajwani, general manager of operations at Damac and leader of the organization's digital transformation initiatives.
"It is critical for global businesses like ours to stay on top of evolution," he added. It's exciting to be able to offer yet another transactional mode, and we're glad to recognize the value this technology brings to our customers.
In the UAE, cryptocurrency adoption is growing at an exponential rate. Recently, the Dubai-based bakery Bake N More and the delivery startup YallaMarket announced that they would accept cryptocurrencies as payment.
The UAE's determination to develop the crypto industry has recently attracted large corporations. Following the government's decision to issue virtual asset licenses through the Dubai Virtual Assets Regulatory Authority, major cryptocurrency exchanges are relocating their headquarters to Dubai.
Dubai is on its way to becoming a crypto hub. Other virtual assets are also being promoted by the Emirate, which has crypto-friendly regulations.
The world's two major cryptocurrency platforms, crypto.com and Singapore-based Bybit, announced plans to establish regional and global headquarters in Dubai in March.
Damac, data center firm Edgnex, luxury jeweller de-Grisogono, and fashion house Roberto Cavalli announced a plan earlier this week to enter the metaverse and build their own digital cities. The group intends to invest up to $100 million in the project.
The group will be led by Ali Sajwani and will operate under the banner "D-Labs." The initiative is part of the company's larger plans to diversify into digital assets and non-fungible tokens (NFT).
Source: Khaleej Times