Dubai: Damac properties to accept cryptocurrency payment

Damac Properties, which is a major Dubai-based real estate developer, has disclosed that it would accept payment for properties in cryptocurrency.

Damac Properties, which is a major Dubai-based real estate developer, has disclosed that it would accept payment for properties in cryptocurrency.

According to the sources, Damac stated that it would accept any of the payments for its properties made through Ether and Bitcoin, the two most significant crypto assets by market capitalization.

Advertisement

The company has highlighted that allowing such payments will give many more options and will be easy for real estate investors.

Moreover, the Dubai-based property developer thinks that facilitating property investments with the use of cryptocurrency could change the real estate industry.

Established in 2002, Damac provides commercial and residential properties in the UAE, with an international presence in Lebanon, Saudi Arabia, Oman, Jordan, Iran, Qatar and the United Kingdom.

While commenting upon the company’s latest decision, Ali Sajwani, General Manager of operations of Damac, said, “This move towards consumers holding cryptocurrency is one of our initiatives to accelerate the current economy for new generations and the future of our industry. International businesses like ours must stay at the top of development. Offering yet another transactional mode is thrilling, and we are glad to acknowledge the value this technology brings to our buyers.”

Damac Group, the parent company of Damac Properties, has recently announced that it is looking forward to building digital cities in the metaverse.

The D-labs initiative will be led by Sajwani, while Damac Group said it would insinuate capital up to $100 million into the project.

Advertisement

As Damac shows its support for cryptocurrencies, many companies have adopted the same in Dubai.

YallaMarket, a grocery delivery service, has also disclosed that it accepts stablecoins USDT and USDC as payment. The startup is also considering methods to pay employees’ wages in crypto.

Bake N More, which is another Dubai-based business, also became the first cafe in the city to accept crypto payments. As per the company’s owner Mohammad Al Hammadi, the cafe has witnessed increased cryptocurrency transactions just two days after revealing the new payment option.

Tariq Saeed

Read More

UAE: Anti-money laundering units seized Dh2.3 bln in 2021

According to the Anti-Money Laundering and Counter Terrorism Financing units, the UAE task force has seized more than Dh2 billion while snaring money launderers...

Ukrainian Prez Volodymyr Zelenskyy seeks medical supply aid from India

 Volodymyr Zelenskyy - The President of Ukraine has reached out to the Indian Prime Minister Narendra Modi and wrote to him about seeking additional aid for humanitarian purposes along with medical equipment from India.

Dubai Exhibition at Museum Hub illuminates biography of late queen

Dubai: No sooner had the news of Queen Elizabeth II's departure been announced than the world was full of him, to turn into a...

Recent

Skydive Dubai marks 13th anniversary with a gravity-defying celebration

The journey from designing the inflatable cake to engineering its compatibility with balloons showcased Skydive Dubai's unwavering commitment to pushing the boundaries of innovation in skydiving

DME signs agreement with Dubai financial market

The financial market and the Dubai Mercantile Exchange penned down a collaboration agreement today, March 29, 2022.

Ajman police signs agreement with two companies

Ajman police recently signed two agreements during the ongoing JITEX exhibition 2023. The abovementioned Agreements were signed: one agreement with Al-Fatim Automobile Agency and another one with the Arab Automobile Company.
admin