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Dubai luxury real estate developer set to accept cryptocurrency payments

The United Arab Emirates is taking the lead in cryptocurrency adoption. The variety of companies in Dubai that are now open to accepting cryptocurrencies has elevated considerably over the previous few months.

Damac Properties, a luxury real estate developer in Dubai, just lately introduced accepting Bitcoin and Ethereum for payments.

Dubai real estate developer accepts crypto payments

A report by Khaleej Times mentioned that Bitcoin and Ethereum could be fee strategies for any of its properties. According to the corporate, having crypto payments would improve the choices obtainable for real estate buyers. Moreover, having crypto payments may remodel the Dubai real estate sector.

Damac Properties was began in 2002, and it operates within the UAE and in different international locations similar to Iran, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, and the United Kingdom.

Ali Sajwani, the overall supervisor of operations at Damac Properties, mentioned, “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 Properties is the subsidiary of Damac Group, and the latter just lately introduced plans to construct digital cities within the metaverse. The challenge dubbed D-labs will obtain funding of up to $100 million from Damac Group. The firm mentioned the transfer was “part of the company-wide ambitions to move into digital assets and non-fungible tokens (NFT).”

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Growing crypto adoption in Dubai

The latest present of help by Damac in the direction of cryptocurrencies displays the forex scenario in Dubai. YallaMarket, a grocery retailer in Dubai, mentioned that it could accept USDC and USDT stablecoins as payments. The retailer is additionally planning to begin paying salaries in cryptocurrencies.

Bake N More, a café primarily based in Dubai, has additionally revealed it can accept crypto payments. The firm proprietor, Mohammed Al Hammadi, mentioned that for the reason that firm introduced this new fee possibility, it had recorded a rise in cryptocurrency transactions.

In February, a DOGE-themed restaurant opened in Dubai dubbed Doge Burger. The restaurant supported payments in numerous digital belongings, together with BTC, ETH, BNB, DOGE and Shiba Inu. The elevated variety of companies in Dubai accepting cryptocurrencies has been attributed to pleasant crypto legal guidelines.

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