Damac Properties, A Major Dubai-Based Real Estate Developer, Accepts Bitcoin And Ethereum Payments.

According to the Khaleej Times, Damac has said that it will accept Bitcoin and Ether as payment for any of its properties. Bitcoin and Ether are the two most valuable crypto assets by market capitalization.

Damac Properties claims that allowing such payments will provide real estate investors more options and will be more convenient. In addition, the Dubai-based property developer believes that allowing cryptocurrencies to be used to facilitate property acquisitions will transform the real estate sector.

Damac was founded in 2002 and specializes in residential and commercial real estate in the United Arab Emirates (UAE), as well as Qatar, Lebanon, Jordan, Oman, Saudi Arabia, Iran, and the United Kingdom.

Ali Sajwani, Damac’s general manager of operations, commented on the company’s recent decision to adopt crypto:

“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 Properties’ parent firm, Damac Group, recently revealed its intention to construct digital towns in the metaverse. Sajwani will lead the initiative, which will be known as D-labs, and Damac Group has announced it will invest up to $100 million in the project.

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

Damac’s acceptance for cryptocurrency payments shows that an increasing number of businesses in Dubai are adopting cryptocurrencies. YallaMarket, a grocery delivery business, has announced that stablecoins USDC and USDT will be accepted as payment. Employee salary might potentially be paid in cryptocurrency, according to the business.

Bake N More, a Dubai-based company, was the first in the emirate to accept cryptocurrency payments. The café’s owner, Mohammad Al Hammadi, claims that two days after publicizing the new payment option, the café has seen a rise in cryptocurrency transactions.

In February, a Dogecoin-themed fast-food restaurant named Doge Burger opened in Dubai, accepting payments in DOGE, BTC, BNB, Shiba Inu, and ETH, among other digital currencies.

Dubai’s crypto-friendly rules have also attracted large cryptocurrency exchanges to the city-state, including Binance, FTX, Crypto.com, and Bybit.

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