Leading luxury real estate developer DAMAC Properties has announced that the company is stepping up to serve the digital economy by facilitating the conversion to fiat, and the sale of property to holders of Bitcoin and Ethereum. The decision comes from the DAMAC Group’s vision of leveraging technology to provide innovative solutions to evolved customers.
Being one of the first developers to facilitate the purchase of property by customers carrying cryptocurrency, DAMAC is set to revolutionise the future of real estate. This will bolster DAMAC’s efforts of providing convenience and optionality to real estate investors worldwide.
Speaking on the occasion – Ali Sajwani, General Manager of Operations at DAMAC and lead of the organisation’s digital transformation initiatives, said: “DAMAC Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences. This move towards customers holding cryptocurrency is one of our initiatives at DAMAC to accelerate the new economy for newer generations, and for the future of our industry.”
He added: “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 recognise the value this technology brings to our customers.”
The UAE’s determination of developing the crypto industry has attracted large companies recently. Major crypto exchanges are shifting their base to Dubai following the Government’s decision of issuing virtual asset licenses under the Dubai Virtual Assets Regulatory Authority (VARA). Dubai is heading towards becoming a crypto hub. The emirate is also promoting other virtual assets with crypto-friendly regulations. DAMAC Properties is keen on fuelling this ambition by implementing new technology, starting with Bitcoin and Ethereum payments.