Published: 28.04.2022
Article reading time:
2 minutes.
Construction company DAMAC Properties from the United Arab Emirates has announced that it is ready to accept payments in bitcoin and ether.
A major developer of luxury real estate in Dubai announced that in order to support the development of the crypto industry in the country, it intends to ensure the conversion of digital assets into fiat currency, as well as offer buyers to purchase VIP-class housing for bitcoins and ethers.
DAMAC says it will be one of the first developers in the UAE to provide customers with the ability to buy property with cryptocurrencies. Ali Sajwani, Chief Operating Officer and Head of Digital Transformation Initiatives at DAMAC, believes that the decision will have an impact on accelerating the digitalization of the region’s economy.
“DAMAC Properties has always been at the forefront of innovation, from building luxury homes to creating unique experiences. This step towards customers who own cryptocurrencies is one of the initiatives aimed at accelerating the economy for new generations and for the future of the entire industry,” says Sajwani.
DAMAC management recognizes the value of the decision to sell real estate for bitcoin and ether for both clients and the company.
“For global companies such as ours, it is imperative to stay on top of progress. Offering yet another mode of transaction is exciting and we are excited to recognize the value of the technology for our customers,” says Sajwani.
At the same time, Pantera Capital CEO Dan Morehead believes that the tightening of the US Federal Reserve policy will lead to a large-scale flow of capital from traditional assets, including real estate, to the cryptocurrency market.
Source: Bits
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