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Dubai real estate developer accepts Bitcoin and Ether for luxury houses

Dubai
Dubai

DAMAC Properties, a real estate developer, based in Dubai, has announced plans to accept Bitcoin and Ethereum for its luxury homes. DAMAC Properties was created in 2002 by billionaire Hussain Sajwani.

DAMAC Properties accepts BTC & ETH

DAMAC Properties has a huge presence in Canada, the Middle East and the United Kingdom. The company is behind some of the most luxurious fashion and jewelry brands, such as Grisgono and Roberto Cavalli.

The billionaire behind DAMAC Properties is popular for using extravagant marketing strategies, including Lamborghini giveaways. In 2013, the billionaire partnered with Donald Trump to create several golf courses in Dubai branded under Trump.

DAMAC Properties currently has a valuation of around $2.1 billion, and it is currently viewing cryptocurrencies as a strategy to attract new attention following years of underwhelming performance. In 2021, DAMAC Properties posted net revenues of $816 million, while the net losses came in at $144.6 million following the economic effects caused by the pandemic.

DAMAC Properties has confirmed that it will now accept Bitcoin and Ethereum payments. The firm will also make it possible for sellers to convert cryptocurrencies into fiat currencies when it is necessary.

Ali Sajwani, the general manager at DAMAC Properties, said, “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.”

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Sajwani had earlier said that DAMAC Properties was interested in launching a metaverse platform. He said that the metaverse platform would support various assets, including real estate, jewelry and fashion.

“So, while most use the term Metaverse loosely, we think it is much more, and we have come up with a solution where we bridge the physical and digital assets to allow for cross-utilization.”

Growing crypto activities in the UAE

The UAE is becoming one of the largest hubs for cryptocurrency activities. Recently, the region has granted operating licenses to some of the largest cryptocurrency exchange platforms. Kraken recently received regulatory approval to offer crypto-related services in the UAE. Binance and FTX also plan to set up their headquarters in the region.

The growth of crypto activities in the UAE has also been highlighted by DAMAC, with the company saying that the UAE is “becoming a crypto hub” due to the introduction of new cryptocurrency regulations and virtual asset licenses.

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