Dubai’s real estate developer Damac to accept cryptocurrencies

Dubai’s real estate developer Damac to accept cryptocurrencies

Damac Properties, real estate developer, announced that it would sell property against cryptocurrencies Bitcoin and Ethereum.

The Dubai-based company said in a statement that facilitating the purchase of property through cryptocurrency will revolutionise the future of real estate and provide convenience and optionality to real estate investors worldwide.

Earlier this week, Damac, also announced its plan to enter the metaverse world and build their own digital cities. The Group plans to invest capital up to $100 million for the project.

Also read: Binance receives Crypto Licenses from Bahrain and Dubai

The Group will be run under the banner, ‘D-Labs’, and will be led by Ali Sajwani. The initiative forms part of the company-wide ambitions to move into digital assets and non-fungible tokens (NFT).

The UAE has been making efforts recently in developing the crypto industry. The Government’s decision of issuing virtual asset licenses under the Dubai Virtual Assets Regulatory Authority (VARA) encouraged crypto exchanges and blockchain-focused businesses are shifting their base to Dubai.

Read more: FTX Europe receives Crypto License in Dubai

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.