Damac Properties, one of the largest luxury real estate developers in the Middle East, announced yesterday that it will facilitate the sale of the property to Bitcoin and Ethereum holders. The latest announcement from Damac makes the company one of the first developers in Dubai to support the purchase of real estate through cryptocurrency assets.
Damac termed the company’s recent initiative an important step towards its vision of leveraging technology to provide innovative solutions to evolved customers. The developer highlighted the growing adoption of Bitcoin and Ethereum in the region.
“DAMAC Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences. This move towards customers holding cryptocurrency is one of our initiatives at DAMAC to accelerate the new economy for newer generations, and for the future of our industry,” Ali Sajwani, the General Manager of Operations at DAMAC and lead of the organization’s digital transformation initiatives, commented.
Due to Dubai’s innovation-focused approach to digital currencies, the region attracted some of the leading names in the crypto and blockchain ecosystem. Earlier this year, the crypto trading platform, Binance strengthened its presence in the Middle East through a new license granted by Dubai’s Virtual Asset Regulatory Authority (VARA).
Adoption of Bitcoin and Ethereum
BTC and ETH are the top 2 digital currencies in the world with a combined market cap of more than $1 trillion. Since the start of 2021, the adoption of Bitcoin and Ethereum across different businesses has jumped significantly. Amid regulatory clarity in Dubai, leading businesses have started accepting digital assets as a mode for payments.
“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,” Sajwani explained.
