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DAMAC, one of the largest real estate companies in Dubai, has announced that it has completed its first real estate property sale in crypto. The property was sold for $50M worth of cryptocurrencies.
DAMAC makes its first crypto sale
Dubai is fast rising as a primary hub for cryptocurrency activities. Companies operating in the country have embraced digital assets to attract businesses, and DAMAC, a real estate giant, was among the recent firms to embrace the crypto sector.
According to the company’s CEO, DAMAC has faced several challenges in the move to embrace the digital asset sector and embrace offerings such as crypto trading, the metaverse, and non-fungible tokens (NFTs). However, the company has remained adamant in its crypto plans.
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DAMAC accepts Bitcoin and Ethereum as payment for properties. The firm’s general manager believes that since the firm announced the move, the number of sales and the company’s popularity has increased significantly. The executive further noted that the company had derived major benefits from using crypto technology.
Saiwani Ali, the COO of DAMAC, noted that the company’s first sale in crypto was facilitated by an exchange. Therefore, if the property exchanges hands in the future, the future owner would have to pay at the updated exchange rates. The exchange will also facilitate DAMAC in converting the cryptocurrencies into US dollars or Dirhams.
It is reported that the cryptocurrency exchange platform used by DAMAC is known as “Havyn.” Saiwani has said that accepting crypto payments required that the firm have an intermediary exchange because this would mitigate concerns of volatility between different cryptocurrencies.
DAMAC faces challenges with metaverse plans
The metaverse has become one of the most popular areas in the cryptocurrency sector. Companies have been moving into the sector to ensure they can attract a new audience looking toward virtual offerings.
Saiwani praised the entire team for successfully completing the sale of the property. He also added that the company had yet to explore the metaverse because it was difficult to convince clients to accept new technological developments. This has made new investments in the metaverse nearly impossible for the company.
Despite the Dubai real estate market failing to embrace the metaverse, various companies globally have stated they will be launching offices or offerings in the metaverse world. The metaverse concept became largely popular towards the end of last year after Facebook rebranded into Meta.
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