Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Turkish TR
Connect with us

Hi, what are you looking for?

Bitcoin

DAMAC Properties to accept Bitcoin as payment

DAMAC Properties, a leading luxury real estate developer in Dubai, announced on April 27 that it would support the digital economy by enabling the conversion of cryptocurrency to fiat currency, as well as the selling of real estate to wealthy holders of Bitcoin and Ethereum.

The decision was made in accordance with the DAMAC Group’s objective of using technology to bring innovative solutions to its clients, according to a press release from the company.

DAMAC, as one of the first developers to make it possible for clients to buy real estate using cryptocurrencies, is poised to change the face of real estate in the next years. As a result, DAMAC’s efforts to provide convenience and flexibility to real estate investors throughout the globe would be strengthened.

Ali Sajwani, General Manager of Operations at DAMAC and lead of the firm’s digital transformation initiatives, said: 

“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.”

Sajwani added:

“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.”

Dubai is becoming a crypto hub

The United Arab Emirates (UAE) drive to expand the crypto sector has lately garnered the attention of major corporations. Following the government’s decision to provide virtual asset licenses under the Dubai Virtual Assets Regulatory Authority (VARA), major cryptocurrency exchanges such as Binance are setting up in the UAE.

In particular, Dubai is on the verge of becoming a cryptocurrency hub, with DAMAC Properties committed to fueling this goal via the use of new technologies, beginning with the acceptance of Bitcoin and Ethereum payments.

Featured

NFT

Worldwide music and entertainment giant Warner Music Group (WMG) has joined forces with OpenSea to introduce dedicated landing pages for their artists. The WMG roster will...

Finance

Though the recent months haven’t been very good for the crypto industry, this could not deter some crypto investors from being bullish about this...

Altcoin

The down-trending market that took its resistance from $1.35134 on the 10th of September did not go too far before it begins to face...

Crypto News

Robinhood, a leading investment app, has rolled out its newest product — a crypto wallet that charges zero transaction fees to its users. For...