Damac Properties, a major Dubai-based real estate developer, has announced that it will accept cryptocurrencies as payment for property.
According to the Khaleej Times, Damac announced it would accept Bitcoin and Ether as payment for any of its properties. Bitcoin and Ethereum are the two most valuable crypto assets by market capitalization.
The company claims that allowing such payments will provide real estate investors more options and will be more convenient.
In addition, the Dubai-based property developer believes that allowing cryptocurrencies to be used to facilitate property acquisitions will transform the real estate sector.
Damac was founded in 2002 and specializes in residential and commercial real estate in the United Arab Emirates (UAE), as well as Qatar, Lebanon, Jordan, Oman, Saudi Arabia, Iran, and the United Kingdom.
Ali Sajwani, Damac's general manager of operations, commented on the company's recent decision to adopt crypto. He said,
“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' parent business, Damac Group, recently revealed its intention to construct digital towns in the metaverse.
Sajwani will lead the initiative, which will be known as D-labs, and Damac Group has announced it will invest up to $100 million in the project.
"The project is part of the company's overall objectives to develop into digital assets and non-fungible tokens (NFT)," according to a news statement.