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HomeBusinessFintechDubai-based real estate behemoth DAMAC Properties to accept Bitcoin as payment

Dubai-based real estate behemoth DAMAC Properties to accept Bitcoin as payment

Jordan Major

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.

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