Dubai’s developer DAMAC says will accept cryptocurrencies Bitcoin and Ethereum

Real estate developer Damac Properties on Wednesday announced that it would sell property against cryptocurrencies Bitcoin and Ethereum.

28/04/2022 by Khaleej Times

Real estate developer Damac Properties on Wednesday announced that it would sell property against cryptocurrencies Bitcoin and Ethereum.

The Dubai-based company noted that facilitating the purchase of property through cryptocurrency will revolutionise the future of real estate. it will also provide convenience and optionality to real estate investors worldwide.

“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,” Ali Sajwani, general manager of operations at Damac and lead of the organisation’s digital transformation initiatives.

He added: “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 recognise the value this technology brings to our customers.”

The adoption of cryptocurrencies is increasing at an exponential rate in the UAE. Recently, a Dubai-based announced Bake N More and delivery startup YallaMarket announced that would accept cryptocurrencies as mode of payment.

The UAE’s determination to develop the crypto industry has attracted large companies recently. Major crypto exchanges are shifting their base to Dubai following the Government’s decision to issue virtual asset licenses under the Dubai Virtual Assets Regulatory Authority.

Dubai is heading towards becoming a crypto hub. The Emirate is also promoting other virtual assets with crypto-friendly regulations.

Related Press

View All

The age of talentism in a digital world

Press 11/08/2022 by Arabian Business

By: Ali Sajwani, General Manager Operations Talent is becoming the new capital and the core of a rising econom ...
Read more

NFTs are a ‘golden opportunity’ for ...

Press 20/07/2022 by ITP.net

Organisations that are looking to take back control of their brands and grow their online communities embrace ...
Read more

Tech-savvy companies are leveraging ...

Press 18/07/2022 by Press Release

Dubai, United Arab Emirates, July 18, 2022: Non-fungible tokens (NFTs) represent a golden opportunity for orga ...
Read more