Dubai’s leading real estate company accepts BTC and ETH for payments

Damac Properties, a Dubai-based property developer, said on Wednesday that Bitcoin and Ethereum will also be added as additional payment choices. Damac Properties will also accept both Bitcoin and Ethereum. DAMAC Properties is a Dubai-based Emirati property development company. As of December 2021, it is one of the nation's main property developers, with 28,000 homes under development in the city. According to the Dubai-based company, allowing cryptocurrency to be mainly used to acquire real estate will transform the home buying market's prospects. As per Ali Sajwani, the general manager, the Dubai-based firm has adopted cryptocurrencies as part of its technology transformation programme.

Last year, in particular. It made 3 billion UAE dirhams which are $816.8 million in sales last year, but it is still not profitable. In addition, the company would invest around 367 million UAE dirhams, which are approximately $100 million, in its upcoming Metaverse initiative, which intends to create virtual cities.

Under the new legislation, the Dubai Virtual Asset Regulatory Authority was actually formed to govern the industry across the emirate, encompassing special development sectors and free zones, but not the Dubai International Financial Centre.

Binance, the world's biggest cryptocurrency platform, and FTX Europe acquired a virtual asset license to run in Dubai after the news. Apart from that, even companies like Point Network, Polygon, Theta, Polkadot and many more are planning to set up offices in Dubai.

The development of local headquarters in Dubai by crypto exchanges lured by the region's authorities' crypto-friendly regulations has even begun in Dubai. Bybit has also announced its worldwide headquarters in Dubai.