Dubai Property Developer to Accept Bitcoin and Ethereum Payments
Buy Property With Bitcoin and Ether
According to the Khaleej Times, Damac announced it would accept Bitcoin and Ether as payment for any of its properties. Bitcoin and Ether are the two most valuable crypto assets by market capitalization.
The company claims that allowing such payments will provide real estate investors with more options and will be more convenient. In addition, the Dubai-based property developer believes that allowing cryptocurrencies to be used to facilitate property acquisitions will transform the real estate sector.
Damac was founded in 2002 and specializes in residential and commercial real estate in the United Arab Emirates (UAE), as well as 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.”
Damac Properties' parent business, Damac Group, recently revealed its intention to construct digital towns in the metaverse. Sajwani will lead the initiative, which will be known as D-labs, and Damac Group has announced it will invest up to $100 million in the project.
"The project is part of the company's overall objectives to develop into digital assets and non-fungible tokens (NFT)," according to a news statement.
More Dubai Businesses Accept Crypto Payments
Damac's acceptance of bitcoin payments demonstrates that an increasing number of businesses in Dubai are adopting cryptocurrencies. YallaMarket, a grocery delivery business, has announced that stablecoins USDC and USDT will be accepted as payment. Employee salary might potentially be paid in cryptocurrency, according to the business.
Bake N More, a Dubai-based company, was the first in the emirate to accept cryptocurrency payments. The café's owner, Mohammad Al Hammadi, claims that two days after publicizing the new payment option, the café has seen a rise in cryptocurrency transactions.
In February, a Dogecoin-themed fast-food restaurant named Doge Burger opened in Dubai, accepting payments in DOGE, BTC, BNB, Shiba Inu, and ETH, among other digital currencies.
Major cryptocurrency exchanges such as Binance, FTX, Crypto.com, Bybit, and others have flocked to Dubai because of its crypto-friendly legislation.