Digital Assets: Dubai’s Damac Properties To Accept Payments In Crypto, Build Metaverse Cities

April 29, 2022 | Digital Assets, News, Real Estate
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Cryptos accepted: Bitcoin and Ethereum

Leading Dubai developer Damac Properties has announced it will accept the bitcoin and ethereum cryptocurrencies in payment for its properties. The objective, the builder said Wednesday, was to provide cryptos’ convenience and optionality to real estate investors globally. The move would also help revolutionize the future of real estate, specifically, in Dubai. (Khaleej Times)

“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,” Ali Sajwani, general manager of operations at Damac and lead of the organisation’s digital transformation initiatives, told Khaleej Times.

“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 recognise the value this technology brings to our customers,” further explained Sajwani.

The Damac Group (the holding company of Damac Properties) has seven core areas of operation: real estate, capital markets, hotels & resorts, manufacturing, catering, high-end fashion and data centres.

It was separately announced that the Group is planning to invest $100 million (Dh367m) to build “digital cities” in the metaverse under the banner of “D-Labs,” a unit also to be led by Sajwani.

The initiative forms part of the company-wide ambitions to move into digital assets and non-fungible tokens (NFT).

“In an attempt to mold to the progressive trends of business, we are expanding our offerings into the metaverse realm to avail of the many opportunities it presents. We are keen to pioneer the possibilities that the metaverse offers in ways which allow us to be more connected and involved with our customers and their interests,” said Hussain Sajwani, Founder of DAMAC.

Related Story: Dubai World Trade Centre To Be Key Zone And Regulator For Crypto; Binance Signs Cooperation Agreement

Image credit: Damac Properties

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