Breaking: Dubai’s real estate firm will be accepting BTC and ETH

Hundreds of billions of dollars DAMAC Properties, a Dubai-based real estate developer, has begun accepting Bitcoin (BTC) and Ether (ETH) payments for its high-end properties.

“Providing yet another transactional option is exciting, and we’re glad to realize the value this technology brings to our clients,” Ali Sajwani, DAMAC Properties’ general manager of operations, said.

Know some important facts about the company

Hussain Sajwani, a colorful billionaire, launched DAMAC Properties in 2002, and the company has done business in the Middle East, Canada, and the United Kingdom. It also owns Roberto Cavalli and De-Grisgono, two high-end fashion and jewelry labels.

Sajwani is known for using expensive marketing strategies like handing out free Lamborghinis to property buyers. In 2013, he partnered with Donald Trump to open multiple Trump-branded golf courses in Dubai.

After a couple of disappointing years, the $2.1 billion corporations may be considering crypto as a method to garner some attention. In 2021, DAMAC reportedly had net revenues of $816 million, but a net loss of $144.6 million as a result of the global pandemic. The company had also lost $176 million the year before.

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Will launch more crypto ventures

According to a statement released on Wednesday, the company would take BTC and ETH payments as well as enable the seller’s conversion to fiat currency if necessary.

DAMAC further stated that Dubai is “becoming a crypto hub” as a result of the government’s crypto-friendly policies and virtual asset licenses, citing leading exchanges like Bybit, Binance, and FTX Europe as examples. Kraken was also granted a license this week.

The company stated that it is eager to “fuel” Dubai’s goals by launching more crypto ventures.

In February, Sajwani mentioned that the corporation had big intentions to develop its own NFT-backed Metaverse platform.

“While most people use the term Metaverse in a general sense, we think it to be much more, and we’ve created a framework that allows physical and digital assets to be used in tandem.”

“We’ve come up with a solution to incorporate the different platforms under DAMAC into the metaverse, whether it’s real estate, fashion, or jewelry,” he stated.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing