Major Dubai real estate developer, Damac Properties, has revealed that it will accept payments for real estate in cryptocurrency.
According to the Khaleej Times, Damac said it will accept payments in Bitcoin and Ethereum for any of its products, the two largest cryptocurrencies by market capitalization.
The company notes that allowing cryptocurrency payments will bring more options and convenience to real estate investors. Additionally, the Dubai-based real estate developer believes that facilitating the purchase of properties with cryptocurrency could revolutionize the real estate industry.
Damac was founded in 2002 and offers residential and commercial properties in the United Arab Emirates (UAE), with international headquarters in Qatar, Lebanon, Jordan, Oman, Saudi Arabia, Iran and United Kingdom.
Commenting on the company’s latest decision to adopt cryptocurrency, Damac’s General Manager of Operations, Ali Sajwani, said:
“Our initiatives are aimed at driving the new economy. It’s important for global businesses like ours to stay ahead of the curve. Offering yet another method of trading is exciting and we are pleased to recognize the value this technology brings to our customers.”
Recently, Damac Group, the parent company of Damac Properties, announced that it is looking to build digital cities in the metaverse. Damac Group said it will pour capital up to 100 million USD into the project.
The fact that Damac supports crypto payments shows that more and more companies are adopting crypto in Dubai.
Grocery delivery service YallaMarket revealed it is accepting payments in stablecoins USDC and USDT. The company is also considering a plan to pay employees in cryptocurrency.
Another Dubai-based business, Bake N More, has become the first cafe in the UAE to accept cryptocurrency payments.
In February, a restaurant called Doge Burger launched in Dubai, allowing payments with various digital assets, including DOGE, BTC, BNB, Shiba Inu, and ETH.