Damac is the latest Dubai-based firm to take bitcoin, and the trend is expected to continue.
Damac Properties, a major Dubai-based real estate developer, has confirmed that it would accept cryptocurrencies as payment for the property.
As reported by Khaleej Times, Damac has said that it would accept payment in Bitcoin and Ether, the two most valuable cryptocurrencies by market capitalization.
Real estate investors will be able to use this method of payment since it provides more possibilities and is more convenient, according to the business. In addition, the Dubai-based property developer thinks that adopting cryptocurrencies to facilitate property acquisitions might transform the real estate market.
Residential and commercial properties are offered by Damac in the United Arab Emirates (UAE) and the Middle East. Damac also has a presence in the United Kingdom.
Ali Sajwani, Damac’s general manager of operations, commented on the company’s most recent move to embrace crypto:
It is one of our endeavours to advance the new economy for younger generations and the future of our business. Businesses like ours need to remain on top of the latest technological developments. A new transaction method is exciting, and we are pleased to acknowledge the value this technology provides to our clients.”
Digital cities in the metaverse have been proposed by Damac Group, the parent firm of Damac Properties. Sajwani will lead the D-labs programme, which will receive up to $100 million in funding from Damac Group.
Digital assets and non-fungible tokens (NFT) are a key aspect of the company’s long-term goals, according to a news release.
More Cryptocurrency Payments are Accepted by Dubai Businesses
The fact that Damac now accepts bitcoin payments suggests that more and more businesses in Dubai are beginning to accept cryptocurrency as a payment method. Stablecoins USDC and USDT are now accepted as payment for YallaMarket’s grocery delivery service. Additionally, the firm is looking at the possibility of paying its staff in cryptocurrency.
In addition to Bake N More, a Dubai-based firm, the cafe became the first in the UAE to accept cryptocurrency payments. Two days after unveiling the new payment option, the café has seen an uptick in bitcoin transactions, according to owner Mohammad Al Hammadi.
Doge Burger, a fast-food restaurant based on Dogecoin, opened in Dubai in February and accepts payments in DOGE, BTC, BNB, Shiba Inu, and ETH.
As a result of Dubai’s pro-crypto regulations, big cryptocurrency exchanges including Binance, FTX and Crypto.com have also set up shop in the area.
Also Read: Wikipedia Has Stopped Receiving Funding In Bitcoin And Ethereum After Eight Years
Wallets