DAMAC Properties to accept Crypto Transactions for the Purchase of Property

Leading luxury Real Estate developer DAMAC Properties has recently announced that the company is stepping up to serve the digital world by accepting payments in Bitcoin and Ethereum. The decision was made because of the DAMAC Group’s vision of leveraging technology to give innovative solutions to their customers.

Being one of the first developers to accept cryptocurrency, DAMAC is on the way to revolutionizing the future of Real Estate. Using the flexibility of cryptocurrency will improve the efforts of providing convenience and options to Real Estate investors around the world.

During the occasion- Ali Sajwani, General Manager of Operations at DAMAC and leader of the organization’s digital transformation initiatives said: “DAMAC Properties has always been the frontier of innovations from developing luxury homes to making a unique experience. Accepting cryptocurrency for the purchase of property is one of the initiatives at DAMAC to bring about a new economy for the current generation, and for the future of our industry.”

He said: “It is essential for global businesses like ours to stay at the top of the innovation. Offering another transactional mode is exciting and we are glad to know the value this technology brings to our customers.

The UAE’s determination of developing the crypto industry has caught the attention of large companies lately. Major cryptocurrency exchanges are changing their base to Dubai following the government’s decision of issuing virtual asset licenses under the authority of VARA or Dubai Virtual Assets Regulatory Authority. Dubai is slowly becoming the hub for cryptocurrency.