According to the Khaleej Times, Damac Properties announced it would accept Bitcoin and Ether as payment for any of its properties. Bitcoin and Ether are the two most valuable crypto assets by market capitalization.
The company claims that allowing such payments will provide real estate investors with more options and be more convenient. In addition, the Dubai-based property developer believes that allowing cryptocurrencies to be used to facilitate property acquisitions will transform the real estate sector.
Damac was founded in 2002 and specializes in residential and commercial real estate in the United Arab Emirates (UAE) and Qatar, Lebanon, Jordan, Oman, Saudi Arabia, Iran, and the United Kingdom.
Damac Properties’ parent group, Damac Group, recently revealed its intention to construct digital towns in the metaverse. Sajwani will lead the initiative, known as D-labs, and Damac Group has announced it will invest up to $100 million in the project.
“The initiative forms part of the company-wide ambitions to move into digital assets and non-fungible tokens (NFT).” according to the press release by the group.
The new venture by the group will run under the banner ‘D-Labs,’ and will be overseen by Ali Sajwani, D-Labs’ Chief Executive Officer and DAMAC General Manager. The project is part of the company’s more extensive plans to move into digital assets and non-fungible tokens (NFT). In addition, he is responsible for achieving the company’s goal of becoming a top global digital brand.
Dubai is moving to become a crypto powerhouse. The Emirate is also promoting other virtual assets with crypto-friendly policies. Damac’s acceptance of bitcoin payments demonstrates that many businesses in Dubai are adopting cryptocurrencies. For example, YallaMarket, a grocery delivery business, has announced that stablecoins USDC and USDT will be accepted as payment. In addition, organizations might potentially pay employee salaries in cryptocurrency. Dubai’s crypto-friendly rules have attracted significant cryptocurrency exchanges to the region, including Binance, FTX, and Crypto.com.
