Dubai Property Developer to Accept Bitcoin and Ethereum Payments

Please fol­low and like us:
Pin Share

Major Dubai-based real estate devel­op­er Damac Prop­er­ties has revealed that it would receive pay­ment for prop­er­ty in cryptocurrency.

Buy Property With Bitcoin and Ether

Accord­ing to Khaleej Times, Damac said it would add pay­ments for any of its prop­er­ties that can be made in Bit­coin and Ether, the two largest cryp­to assets by mar­ket capitalization.

The com­pa­ny not­ed that enabling such pay­ment will give more options and will be con­ve­nient for real estate investors. Also, the Dubai-based prop­er­ty devel­op­er believes that facil­i­tat­ing prop­er­ty pur­chas­es using cryp­tocur­ren­cy could rev­o­lu­tion­ize the real estate industry.

Damac was estab­lished in 2002 and pro­vides res­i­den­tial and com­mer­cial prop­er­ties in the Unit­ed Arab Emi­rates (UAE), with an inter­na­tion­al pres­ence in Qatar, Lebanon, Jor­dan, Oman, Sau­di Ara­bia, Iran, and the Unit­ed Kingdom.

Com­ment­ing on the company’s lat­est deci­sion to adopt cryp­to, Damac’s gen­er­al man­ag­er of oper­a­tions, Ali Sajwani, said:

“This move towards cus­tomers hold­ing cryp­tocur­ren­cy is one of our ini­tia­tives to accel­er­ate the new econ­o­my for new­er gen­er­a­tions, and for the future of our indus­try. It is cru­cial for glob­al busi­ness­es like ours to stay at the top of evo­lu­tion. Offer­ing yet anoth­er trans­ac­tion­al mode is excit­ing, and we are glad to rec­og­nize the val­ue this tech­nol­o­gy brings to our customers.”

Recent­ly, Damac Group, the par­ent com­pa­ny of Damac Prop­er­ties, announced it is look­ing to build dig­i­tal cities in the meta­verse. The ini­tia­tive, called D‑labs, will be head­ed by Sajwani, while Damac Group said it will inject cap­i­tal up to $100 mil­lion into the project.

Accord­ing to a press release, “the ini­tia­tive forms part of the com­pa­ny-wide ambi­tions to move into dig­i­tal assets and non-fun­gi­ble tokens (NFT).”

More Dubai Businesses Accept Crypto Payments

Damac’s sup­port for cryp­to pay­ment shows a grow­ing num­ber of com­pa­nies adopt­ing cryp­tocur­ren­cy in Dubai. Gro­cery deliv­ery ser­vice Yal­la­Mar­ket revealed it is accept­ing sta­ble­coins USDC and USDT as pay­ment. The start­up is also con­sid­er­ing plans to pay employ­ees’ salaries in crypto.

Anoth­er Dubai-based busi­ness, Bake N More, became the first café in the emi­rate to accept cryp­to pay­ments. Accord­ing to the company’s own­er Moham­mad Al Ham­ma­di, the café has record­ed increased cryp­tocur­ren­cy trans­ac­tions two days after announc­ing the new pay­ment option.

Back in Feb­ru­ary, a Doge­coin-themed restau­rant called Doge Burg­er launched in Dubai, with the fast-food out­let allow­ing pay­ment in var­i­ous dig­i­tal assets, includ­ing DOGE, BTC, BNB, Shi­ba Inu, and ETH.

Dubai’s cryp­to-friend­ly poli­cies have also attract­ed major cryp­tocur­ren­cy exchanges such as Binance, FTX, Crypto.com, and Bybit to the region.

SPECIAL OFFER (Spon­sored)

Binance Free $100 (Exclu­sive): Use this link to reg­is­ter and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Spe­cial Offer: Use this link to reg­is­ter & enter POTATO50 code to receive up to $7,000 on your deposits.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *