DAMAC to start accepting cryptocurrency for Dubai real estate transactions

DAMAC, a giant real estate developer in the UAE, has announced to add of a few digital currencies as new payment options. Dubai is swiftly emerging to be a crypto hub and DAMAC is one of the leading Real Estate developers in the world to take Bitcoin payments. Facilitating the purchase of properties in Dubai through digital payment mode will not just provide convenience to the potential investors around the globe but also revolutionise the future of Dubai real estate sector.

The adoption of cryptocurrencies is exponentially increasing in the UAE, as not just real estate tycoons but entrepreneurs from other niches have also started accepting this as a new mode of payment. DAMAC is part of this growing group to include virtual currencies as a new payment method. The company has also announced to invest of $100 million in the metaverse to build digital cities.

“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,” Ali Sajwani, general manager of operations at Damac and lead of the organisation’s digital transformation initiatives. “It is crucial for global businesses like ours 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,” he added further.

Dubai growing to be a crypto hub…

Dubai is growing to become a major crypto hub and the UAE government has been promoting crypto assets and designated accelerators with crypto-friendly regulatory frameworks. Major crypto exchanges have been relocating their offices to Dubai following the UAE government’s decision to issue virtual asset licenses under the Dubai Virtual Assets Regulatory Authority, in order to make the most of the thriving business opportunity.

Last month, the world’s two major cryptocurrency companies have announced to set up their headquarters in Dubai.

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