Dubai — based Real Estate Developer to Accept Crypto Payments
Dubai-based real estate developer Damac Properties has disclosed that it will accept BTC and ETH payments for property sales.
Recently, Damac Properties of Dubai announced that individuals will be able to buy properties using BTC and ETH. According to the company, the main reason for this is to make available an additional payment method for buyers — especially those who are already involved in crypto. Another reason is to transform the real estate industry in the city, which is currently going through a crypto knock-up.
Here is what the company’s general manager had to say about their decision.
“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.”
Damac Plans for Metaverse
Not only going into crypto payments, but the Damac Group (parent company of Damac Properties) has also planned to venture into the latest element of tech space, the metaverse. They pledged it will be funded by $100 million. The D-labs, which is the proposed metaverse of Damac will be digital cities.
Crypto Adventures in Dubai
Aside from Damac, another Dubai real estate company, Paradise Hills Property Development, reported its association with the ThreeFold Blockchain organization to bring the world’s biggest decentralized Internet Cloud into Dubai properties, prior to March 2022. Under this drive, property owners would have the option to get to a devoted server to assist them with creating decentralized applications (dApps).
Dubai’s most recent relationship with crypto authoritatively began when the city laid out a Virtual Asset Regulatory Authority that will zero in on fostering the crypto area. Following this, few organizations and associations fired opening their ways to crypto installment channels. One such association is the Citizens School, which has declared that it will be tolerating educational expense installments in crypto when classes start in September 2022.
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