TL;DR Breakdown
- Dubai real estate company, DAMAC, accepts payment in Bitcoin
- The crypto market in the UAE continues to develop rapidly, with many merchants supporting
DAMAC Properties, one of the largest real estate companies in Dubai, announced on Wednesday that it would support cryptocurrency payment for real estate. By accepting crypto, the company intends to help the digital economy while providing convenience and flexibility to real estate investors.
DAMAC now accepts Bitcoin, Ether
Per the announcement, DAMAC now supports crypto payments, specifically in Bitcoin and Ethereum, which are the two largest digital currencies. This move makes the company one of the prominent luxury real estate developers in Dubai to roll out support for cryptocurrency, as it believes that digital currencies have the potential to revolutionize the real estate market.
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.
Ali Sajwani, General Manager of Operations at DAMAC
In addition to supporting cryptocurrency, DAMAC will invest 367 million UAE dirhams ($100 million) in the metaverse to develop virtual cities.
Dubai and crypto adoption
Stella Stays, a hotel company based in the United Arab Emirates, announced in March 2022 that its clients would be able to pay for services using cryptocurrencies, while Bake N More cafe in Dubai has stated that it will accept Bitcoin as payment for products. Following UAE’s efforts to make Dubai a crypto haven, companies are becoming more interested in utilizing cryptocurrency as a form of payment.
The interest in cryptocurrency in Dubai is also evident in the setting up of local offices in Dubai by crypto exchanges interested in the country’s regulators’ crypto-friendly policies. Crypto.com has announced the creation of a regional headquarters in Dubai, and Bybit has relocated its global headquarters to the city.
