Uncategorized

Dubai-Based Damac Properties To Accept Crypto Payments

Dubai-based real estate developer Damac Properties has disclosed that it will accept BTC and ETH payments for property sales. 

BTC Payments For Dubai Homes

In another crypto win for Dubai, the city’s well-known real estate developer, Damac Properties, announced that buyers would be able to use BTC and ETH to purchase properties in the city. The motivation behind this decision seems to stem from Dubai’s growing interest in and exposure to cryptocurrencies. The real estate company has stated that the decision to allow crypto payments was taken for two main reasons. The first reason is that it would create more payment channels for buyers, making property investments easier for those who have struck big with crypto. The other reason behind this decision was to revolutionize the real estate industry in Dubai, which is currently going through a crypto awakening. 

Damac’s general manager of operations, Ali Sajwani, spoke on the decision to open up crypto payments, 

“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. 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 recognize the value this technology brings to our customers.”

Damac’s Metaverse Plans

Accepting crypto payments is just one part of the initiative taken by the Damac Group (parent company of Damac Properties) to expand in the crypto and blockchain sphere. The most recent element of this space, the metaverse, has caught the attention of the Damac Group, which is looking into building digital cities. This metaverse project, known as D-labs, will be funded by the $100 million pledged by the Damac group and led by Sajwani. 

The State Of Crypto In Dubai

Damac is not the first real estate company in Dubai to dabble in crypto and blockchain tech. Earlier in March 2022, another Dubai-based real estate developer Paradise Hills Property Development, announced its partnership with the ThreeFold Blockchain network to bring the world’s largest decentralized Internet Cloud into Dubai properties. Under this initiative, property owners would be able to access a dedicated server to help them develop decentralized applications (dApps). 

Dubai’s latest love affair with crypto officially started when the city established a Virtual Asset Regulatory Authority that will focus on developing the crypto sector. Following this, several businesses and organizations started opening up their doors to crypto payment channels. One such organization is the Citizens School, which has announced that it will be accepting tuition fee payments in crypto when classes start in September 2022.