The partnership between Nakheel and Hayvn solidifies Dubai's position as a global cryptocurrency hub, following the Dubai government's decision to provide virtual asset licenses under its new VARA authority.
Following an exclusive partnership between the Dubai property giant and Hayvn, a global institutional digital currency platform, Nakheel customers can now pay for their rent, service fees, and real estate purchases using cryptocurrency.
According to Hayvn, this is the first time a regulated UAE real estate cryptocurrency payment solution is in use.
"Cryptocurrency is a $1.8 trillion asset class," said Christopher Flinos, CEO of Hayvn. When you open up a market to $1.8 trillion in investors, you can expect some to switch from crypto to UAE real estate.
"Since the Palm Jumeirah was announced, this is the most significant change in UAE real estate." Working with Nakheel, the first developer in Dubai, demonstrates the value of our ADGM-regulated status.
This exclusive cryptocurrency agreement reflects the UAE real estate market's continued evolution. In the United Arab Emirates, Nakheel's projects include master-planned communities, residential, retail, hospitality, and leisure developments.
"Having such a significant industry pioneer as a partner underpins Hayvn's ADGM-regulated entity status." This affiliation exemplifies why we strive to keep innovating, based on our commitment to building trust and maximizing our digital currency financial offerings," said Flinos.
Accepting cryptocurrency payments from customers helps the UAE's cryptocurrency industry grow.
This partnership between Nakheel and Hayvn solidifies Dubai's position as a global cryptocurrency hub, following the Dubai government's decision to provide virtual asset licenses under the Dubai Virtual Assets Regulatory Authority (VARA).
Damac Properties, a real estate developer in the United Arab Emirates, announced earlier this week that it would begin accepting Bitcoin and Ethereum as payment for property purchases. (Read full article here)
Damac isn't the first real estate company to accept bitcoin as payment. The business is part of a growing group that accepts virtual currency payments.
Some landlords will begin accepting Bitcoin payments for residential property rentals, according to fäm Properties, one of Dubai's largest real estate brokerages.
Aside from real estate, some restaurants and other businesses, including startups, have started to accept cryptocurrencies as payment.
Source: Arabian Business