Dubai’s real estate developer DAMAC Properties will start accepting payments in cryptocurrencies

The company will convert bitcoins and ETH into fiat currency before making a deal

28.04.2022 - 12:45

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What’s new? DAMAC Properties, a Dubai-based luxury real estate developer, has announced that it will begin supporting payment with cryptocurrencies. The company will convert bitcoins and ETH into fiat money before closing the deal. The company’s press release says that this decision was made in line with its initiative to use innovative technologies for customer convenience.

Press release of DAMAC Properties

Opinion of the company’s representatives. Ali Sajwani, General Manager of Operations at DAMAC and lead of the firm’s digital transformation initiatives believes that the ability to pay in cryptocurrencies will accelerate the development of the “new economy” and the real estate industry.

“Offering yet another transactional mode is exciting and we are glad to recognize the value this technology brings to our customers,” he added.

What had happened before? The UAE authorities may allow to pay salaries and accept utility payments using cryptocurrencies. A spokesperson for Abu Dhabi Global Markets (ADGM) believes that the digital asset industry will grow strongly in the Emirates over the next five years.

According to a study by Toluna, 33% of UAE residents have invested in cryptocurrency. Another 18% plan to invest in digital assets.

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