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Tuesday, March 28, 2023

Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto

Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto – According to an executive with DAMAC Properties in Dubai, the real estate development firm “had already completed real estate deals worth $50 million via cryptocurrency since the beginning of this year.”

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However, the executive claims that his firm is having difficulty convincing older decision-makers to invest in the metaverse, non-fungible tokens, as well as cryptocurrencies.

DAMAC Properties, a Dubai-based real estate developer, has completed cryptocurrency agreements worth $50 million since the beginning of the year, according to the company’s chief operating officer (COO) Ali Sajwani.

Also Read: Tough Crypto Law Expected in Russia Despite Central Bank’s Softer Stance on Crypto Payments

DAMAC has demonstrated the extent to which it will go to “benefit from the most advanced technology solutions” by accepting bitcoin or ethereum as payment, according to the COO during an interview.

When asked about the payment method utilized to complete the real estate deals, the COO said that a trustworthy intermediary was chosen to arrange the transactions. 

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He stated:

“The payment is made through a trusted financial intermediary approved by the Abu Dhabi Global Market, the ‘Heaven’ company, in which the customer pays the value of the property in ethereum or bitcoin, as they are among the most traded digital currencies in terms of trust and safety, and afterwards the financial intermediary transfers the amount to our digital wallet in dirhams or dollars.”

DAMAC Properties is able to reduce the price fluctuation risk by using a trusted financial intermediary, according to Sajwani. Havyn digital asset exchange was identified as the regulated intermediary used by DAMAC Properties in a different report.

Meanwhile, the COO discussed the difficulties or impediments which his company faces when it comes to entering the metaverse in the same interview. “Convincing the old generation corporate decision-makers to take swift as well as proactive steps to invest in this new and unfamiliar world,” according to Sajwani, is one of the challenges facing proponents of emerging technology.

Also Read: Fidelity Plans Hiring Spree to Expand Crypto Services to Include Ethereum Trading and Custody

Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto – In addition, because the metaverse, NFTs, and cryptocurrencies are still relatively new, prospective users should familiarize themselves with them first. According to the COO, this means that before investing, decision-makers would need to do an in-depth survey or research.

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