Damac Properties, a Dubai-based real estate developer stated it will start accepting Bitcoin and Ethereum as means of payment for properties.
According to the Khaleej Times, Emirati real estate company Damac Properties said on Wednesday that it is introducing Bitcoin and Ethereum, the two most popular cryptocurrencies, as new payment alternatives.
Damac’s general manager, Ali Sajwani, says the Dubai-based firm has embraced cryptocurrency as part of its digital transformation efforts. Furthermore, the corporation will invest approximately 367 million UAE dirhams ($100 million) in its new Metaverse project, which aims to create virtual cities.
Damac was created in 2002 and has operations in a number of countries, including the United Kingdom, Qatar, Saudi Arabia, and Oman. Last year, the company made 3 billion UAE dirhams ($816.8 million) in revenue, but it is still struggling to break even.
Maple Invest Co Limited, owned by Dubai billionaire Hussain Sajwani, bought it in November. Following regulatory permission, it was turned into a private company last month. The company’s bottom line could be saved by diversifying into the digital property.
Dubai’s becoming global crypto hub
Due to a tailored regulatory regime, Dubai is quickly becoming one of the world’s top cryptocurrency hubs.
After obtaining a highly wanted virtual currency license, Binance, the world’s largest cryptocurrency exchange, has opened more than 100 jobs in the UAE. Other companies, such as FTX, have also decided to set up shop in the Gulf state.
Dubai’s crypto charm drive comes as foreign watchdogs tighten their grip on the city-state. The UAE was placed on the “grey” list by the Financial Action Task Force (FATF), a Paris-based international body dedicated to combating money laundering, due to “strategic shortcomings” in managing strategic cash flows. The FATF dealt a serious blow to the country’s competitiveness.
