Major Dubai-based real estate developer Damac Properties has revealed that it would receive payment for property in cryptocurrency.
Buy property with Bitcoin and Ether
According to Khaleej Times, Damac said it would add payments for any of its properties that can be made in Bitcoin and Ether, the two largest crypto assets by market capitalization.
The company noted that enabling such payment will give more options and will be convenient for real estate investors. Also, the Dubai-based property developer believes that facilitating property purchases using cryptocurrency could revolutionize the real estate industry.
Damac was established in 2002 and provides residential and commercial properties in the United Arab Emirates (UAE), with an international presence in Qatar, Lebanon, Jordan, Oman, Saudi Arabia, Iran, and the United Kingdom.
Commenting on the company’s latest decision to adopt crypto, Damac’s general manager of operations, Ali Sajwani, said:
“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.”
Recently, Damac Group, the parent company of Damac Properties, announced it is looking to build digital cities in the metaverse. The initiative, called D-labs, will be headed by Sajwani, while Damac Group said it will inject capital up to $100 million into 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).”
More Dubai businesses accept crypto payments
Damac’s support for crypto payment shows a growing number of companies adopting cryptocurrency in Dubai. Grocery delivery service YallaMarket revealed it is accepting stablecoins USDC and USDT as payment. The startup is also considering plans to pay employees’ salaries in crypto.
Another Dubai-based business, Bake N More, became the first café in the emirate to accept crypto payments. According to the company’s owner Mohammad Al Hammadi, the café has recorded increased cryptocurrency transactions two days after announcing the new payment option.
Back in February, a Dogecoin-themed restaurant called Doge Burger launched in Dubai, with the fast-food outlet allowing payment in various digital assets, including DOGE, BTC, BNB, Shiba Inu, and ETH.
Dubai’s crypto-friendly policies have also attracted major cryptocurrency exchanges such as Binance, FTX, Crypto.com, and Bybit to the region.