Emirati real estate firm Damac Properties said on Thursday that it is introducing Bitcoin and Ethereum, the two biggest cryptocurrencies, as new options for payment.
This move comes from Damac Group’s mission of harnessing technology to give creative solutions to evolved customers.
The company is poised to transform the future of real estate as one of the first developers to allow customers to purchase property using bitcoin. This will help Damac continue to provide ease and flexibility to real estate investors around the world.
Damac general manager, Ali Sajwani, said the Dubai-based firm has upheld cryptocurrency as part of its initiatives toward digital transformation.
Moreover, the business will invest approximately AED367 million ($100 million) in its new Metaverse project, which aims to create virtual cities.
Attracting big companies
The UAE’s drive to grow the crypto market has recently attracted significant big businesses. Following the government’s decision to issue virtual asset licenses under the Dubai Virtual Assets Regulatory Authority (VARA), major crypto exchanges are relocating to Dubai.
After obtaining a highly sought cryptocurrency license, Binance, the world’s biggest crypto exchange, has opened more than 100 jobs in the UAE FTX and other players have also chosen to establish themselves in the Gulf state.
Damac’s current initiative is part of the company’s larger push towards digital assets and non-fungible tokens. Existing Damac clients will be given priority in the pilot project.
Damac was created in 2002 and operates in a lot of nations, including the United Kingdom, Qatar, Saudi Arabia, and Oman.
In 2021, the company made AED3 billion ($816.8 million) in revenue, but it is still struggling to break even.
Maple Invest Co Limited, owned by Dubai billionaire Hussain Sajwani, bought Damac last November. Following regulatory permission, it was turned into a private company last month. The firm’s bottom line could be saved by diversifying into a digital property.
Image Credit: Pixabay