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Jafrin Ahmed
Apr 28, 2022
by Jafrin Ahmed

Dubai’s Real Estate Giant Damac Now Accepts Bitcoin and Ethereum

damac properties bitcoin ethereum
Dubai’s largest real estate developer, Damac Properties announced that it would start accepting cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) as means of payment for properties.

Dubai Property Developer Introduces Crypto Payments

According to the Khaleej Times, UAE-based real estate developer Damac is introducing Bitcoin (BTC) and Ethereum (ETH), the two most popular cryptocurrencies, as new payment alternatives.

Speaking on the occasion, Ali Sajwani, General Manager of Operations at DAMAC and head of digital transformation said:

“DAMAC Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences. This move towards customers holding cryptocurrency is one of our initiatives at DAMAC to accelerate the new economy for newer generations, and for the future of our industry.”

In addition, the company will also invest 367 million UAE dirhams ($100 million) into its new Metaverse which aims to build virtual cities.

Dubai's Rise as a Crypto Hub

Dubai is heading towards becoming a crypto hub. Major crypto exchanges are shifting their base to the city following the Government’s decision of issuing virtual asset licenses under the Dubai Virtual Assets Regulatory Authority (VARA).

For instance, Binance, the world's largest cryptocurrency exchange, recently opened more than 100 jobs in the UAE after acquiring a highly coveted virtual currency license. Similarly, FTX and other major exchanges also decided to set up their headquarters in the Gulf state.

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Dubai’s Real Estate Giant Damac Now Accepts Bitcoin and Ethereum
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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