Damac did say that it would include payments for any of its properties that can be done using the two largest cryptocurrencies in the market Bitcoin and Ethereum, according to Khaleej Times.
This kind of payments will enable and give more options and will the best fit for real estate investors, according to the company. Moreover, Damac property developer strongly believes that easing property purchases using cryptocurrency could revolutionize the real estate industry.
Damac was established in 2002, and the company 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.
Ali Sajwani, the Damac’s general manager of operations, did comment on the company’s latest decision to adopt crypto and 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”.
Damac Group the mother company of the company based in Dubai, stated that it is seeking to build digital cities in the metaverse. This initiative which was named as D-labs, will be leaded by Sajwani, while Damac Group said that it will capital up to $100M into the project.
The Dubai-based company support for the payments via crypto assets shows an increasing companies number adopting cryptocurrency in Dubai. YallaMarket, the Grocery delivery service revealed that it started accepting stablecoins as payments as well as the plan of paying employees using crypto.