A Dubai-based firm stated that allowing cryptocurrencies to be used to purchase real estate will revolutionize the industry’s future. It will also offer simplicity and flexibility to real estate investors worldwide.
On Wednesday, Damac Properties, a real estate developer, revealed that it would offer properties in exchange for cryptocurrencies Bitcoin and Ethereum.
“This shift toward clients holding cryptocurrency is one of our endeavors to advance the new economy for younger generations and the future of our business,” Ali Sajwani, Damac’s general manager of operations and leader of the company’s digital transformation projects, said.
“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 recognise the value this technology brings to our customers.”
Dubai – a growing crypto hub
In the United Arab Emirates, cryptocurrency usage is growing exponentially. Bake N More and delivery firm YallaMarket, both located in Dubai, recently announced that they would accept bitcoins as a form of payment.
The UAE’s drive to grow the crypto business has recently attracted significant corporations. Major crypto exchanges are relocating their headquarters to Dubai due to the government’s decision to award virtual asset licenses under the Dubai Virtual Assets Regulatory Authority.
Dubai is on the verge of becoming a crypto powerhouse. The Emirate is also promoting other virtual assets with crypto-friendly policies.
Crypto.com and Singapore-based Bybit, the world’s two largest cryptocurrency platforms, announced intentions to establish regional and global headquarters in Dubai in March.
Damac, data center business Edgnex, luxury jeweler de-Grisogono, and fashion label Roberto Cavalli revealed a proposal to enter the metaverse and create their own digital towns earlier this week. The company intends to invest up to $100 million in the project.
Ali Sajwani will direct the group. It will operate under the name ‘D-Labs.’ The project is part of its more extensive plans to go into digital assets and non-fungible tokens (NFT).
The chasm between the bitcoin and real estate markets has been closing quicker than anticipated! Before purchasing a home, many consumers had to convert their cryptocurrency into US dollars. The circumstance, though, has most likely altered.