Popular Dubai-based real estate company DAMAC Properties has joined the long list of firms that support virtual currency payments. DAMAC announced on Wednesday, it will support crypto payments and allow buyers to acquire properties with either BTC or Ether.
DAMAC is a leading real estate firm in the country and gulf region. Accepting crypto payments follows the company’s vision and objectives to boost innovation and adapt to the rapidly evolving technological landscape to satisfy clients.
DAMAC Becomes the First to Support Virtual Payments
DAMAC is one of the first to allow clients to purchase their properties using virtual currencies. The company is poised to revolutionize the industry in the future, and accepting crypto payments is a pacesetter.
The real estate company prioritizes its clients’ convenience and aims to offer strengthened flexibility to investors globally. Head of Operations Ali Sajwani hailed the initiative, adding it will afford crypto holders the chance to invest in real estate with their holdings.
Sajwani said a company like DAMAC needs to be on top of evolution. DAMAC has been at the front line of innovations in building luxury homes and elevating customers’ experiences. The initiative will boost the new economy for upcoming generations and the future of housing.
“Providing an avenue for our clients to transact in virtual assets is exciting, and we are exhilarated to accept the value blockchain and these nascent coins will bring to our customers.”
Dubai Silently Establishing Itself as Asian’s Crypto Space
The UAE has been making strategic moves to expand its crypto offerings and become the hub for blockchain in the Middle East and the entire Asian region. Lately, the country has become the center of attraction for major firms and investors.
Following the country’s move to oversee crypto-based businesses by offering licenses, prominent exchanges like Binance have decided to set up a base in the region.
Dubai is striving to become a virtual currency hub, which aligns with the objectives of DAMAC. The company is committed to ensuring the goal is achieved, starting with the support for crypto payments.
The future of virtual coin is bright, given the strides taken by companies like DAMAC to accelerate adoption. Recently, the CAR became the second country to accept BTC as legal tender after El Salvador. It surmised the growing popularity of crypto-assets and their function as a hedge against inflation and rising oil prices.
The news is expected to push the price of the flagship coin to the $40k level. BTC last reacted positively to this kind of news last September 8, when El Salvador made bitcoin their official currency. The price jumped about 8% to $57k.