• Sat. May 21st, 2022

Dubai property developer will accept Bitcoin and Ethereum payments

ByHazel R. Lang

May 1, 2022

Leading Dubai-based property developer Damac Properties has revealed that it will receive payment for the property in cryptocurrency.

Buy property with Bitcoin and Ether

According to Khaleej Times, Damac said it will add payments for one of its properties that can be made in Bitcoin and Ether, the two largest crypto assets by market capitalization.

The company noted that enabling such a payment will provide more options and convenience for real estate investors. Furthermore, the Dubai-based property developer believes that facilitating real estate purchases using cryptocurrency could revolutionize the real estate industry.

Damac was established in 2002 and offers residential and commercial properties in the United Arab Emirates (UAE), with an international presence in Qatar, Lebanon, Jordan, Oman, Saudi Arabia, Iran and the United Kingdom.

Commenting on the company’s latest move to embrace crypto, Damac’s COO Ali Sajwani said:

“This move towards customers holding cryptocurrencies is one of our initiatives to accelerate the new economy for new generations and for the future of our industry. It is crucial for global companies like ours to stay at the forefront of change. Offering another mode of transaction is exciting, and we are happy to recognize the value this technology brings to our customers.

Recently, Damac Group, the parent company of Damac Properties, announced that it was looking to build digital cities in the metaverse. The initiative, called D-labs, will be led by Sajwani, while Damac Group said it would inject up to $100 million in capital into the project.

According to a press release, “the initiative is part of company-wide ambitions to move to digital assets and non-fungible tokens (NFTs).”

More Dubai Businesses Accept Crypto Payments

Damac’s support for crypto payment shows that a growing number of businesses are adopting cryptocurrency in Dubai. Grocery delivery service YallaMarket has revealed that it accepts USDC and USDT stablecoins as payment. The startup is also considering paying employee salaries in crypto.

Another Dubai-based company, Bake N More, has become the first cafe in the emirate to accept crypto payments. According to the owner of the business, Mohammad Al Hammadi, the cafe saw an increase in cryptocurrency transactions two days after the announcement of the new payment option.

In February, a Dogecoin-themed restaurant called Doge Burger was launched in Dubai, the fast food restaurant allowing payment in various digital assets, including DOGE, BTC, BNB, Shiba Inu and ETH.

Dubai’s crypto-friendly policies have also attracted major cryptocurrency exchanges such as Binance, FTX, Crypto.com, and Bybit to the region.

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