Damac Properties, one of the leading real estate developers in Dubai, announced accepting cryptocurrencies as a payment method against properties. The announcement came in a tweet on Damac’s official Twitter (NYSE:TWTR) page.
The future of real estate is set to be revolutionised! #DAMACProperties is one of the first developers to accept #Bitcoin and #Ethereum as a transactional medium for property purchases. This is a major boost for the digital economy!To read more:https://t.co/j0AVJMPYMV pic.twitter.com/rVQe10Xhux
— DAMAC Properties (@DAMACOfficial) April 27, 2022
As the company stated, it is aiming to revolutionize the future of real estate by accepting Bitcoin and Ethereum payments. The decision comes from the company’s vision of “leveraging technology to provide innovative solutions to evolved customers.”
Being one of the first real estate developers to start such a revolutionary move, Damac opens the doors to a different level of investments in both worlds of crypto and real estate. Ali Sajwani, General Manager of Operations at Damac and lead of the organization’s digital transformation initiatives, commented
Damac Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences. This move towards customers holding cryptocurrency is one of our initiatives at Damac 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 recognise the value this technology brings to our customers.” Sajwani added.
As this big news happened on the real estate front, major crypto exchanges are now shifting their base to Dubai following the government’s decision of issuing virtual asset licenses under the Dubai Virtual Assets Regulatory Authority (VARA).
The UAE is clearly determined to play a major part in crypto industry development, while it sets an example to the world of how a crypto hub should be created. With that being said, Damac Properties are clearly determined on fuelling the nation’s ambition by implementing new technology, starting with Bitcoin and Ethereum payments.
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