The UAE’s real estate giant Damac will start accepting cryptos Bitcoin (BTC) and Ethereum (ETH) as modes of payment for real estate. Ali Sajwani, general manager at Damac, said that the Dubai-based company has embraced crypto as part of its digital transformation effort.
The company hopes that enabling the purchase of property with crypto will bring a revolution in the future of real estate industry and it will make the process of purchasing property a lot smoother for 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” Sajwani said.
The company believes it is crucial for global businesses like theirs 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” Sajwani added.
Dubai is taking some serious measures to become the world’s first crypto hub. Many other industries in the UAE are working towards recognising Cryptocurrency as a mode of payment.
UAE’s decision to develop the Crypto industry has led many Crypto exchanges to move their headquarters to Dubai after getting all the necessary permissions from the government.
The UAE is recognising the value of cryptocurrency and it is collaborating with large crypto companies by providing them crypto-friendly-regulations. Just recently, the U.S. based crypto exchange Kraken gained license to operate in the UAE.