The Dubai companies that accept Bitcoin are growing, with Damac being the most recent example. The latest news has disclosed that Damac Properties, a famous real estate firm in Dubai, would start accepting Bitcoin payments for its properties.
Invest In Real Estate Using BTC and ETH
Following the publication of a report in the Khaleej Times, the company stated that it would accept payments from anyone willing to pay for its properties in BTC or ETH, the two biggest digital currencies according to market valuation.
According to the corporation, allowing such payments would provide additional options for the general public. Aside from that, the estate developer thinks that enabling property acquisitions via the use of cryptocurrencies has the potential to transform the real estate business completely.
Damac was founded in 2002 and specializes in developing commercial and residential buildings in the UAE (United Arab Emirates). The company also has worldwide operations in Lebanon, Qatar, Oman, Jordan, Saudi Arabia, the UK, and Iran. Ali Sajwani, the General Manager in charge of operations for Damac, expressed his thoughts on the firm’s recent move to accept cryptocurrency, saying:
“In order to speed up the economy for the present and future generations of our sector, we are moving toward consumers holding cryptocurrencies. It is critical for multinational corporations such as ours to remain on the cutting edge of development. Giving our clients another transactional option is a thrilling prospect, and we are pleased to acknowledge the value that this nascent tech delivers to them.”
Recently, the parent firm of the estate developer, DAMAC Group, declared that it intends to develop virtual cities in the digital world as part of its expansion strategy. The plan, which will be known as D-labs, will be managed by Sajwani, and Damac Group has committed to investing over $100 million in the program. A news statement states that the move is among the company’s overall objectives to expand into NFTs and digital assets.
More Firms In Dubai Now Accept Crypto Payment
Damac’s acceptance of crypto payments demonstrates that many businesses in Dubai are embracing cryptocurrencies. YallaMarket, a firm that delivers groceries, has announced that it would take the stablecoins USDT and USDC as payment. In addition, the business is evaluating whether to pay staff wages in cryptocurrency.
Another Dubai-based company, Bake N More, made history by becoming the first known café in UAE to accept cryptocurrency payments. Following the announcement of the payment option, the owner of the café, Mohammad Al Hammadi, claims that the number of Bitcoin transactions has tripled.
Earlier this month, a Dogecoin-themed food restaurant in Dubai known as Doge Burger opened its doors to accepting payments in various digital currencies, including BTC, DOGE, ETH, BNB, and Shiba Inu. As a result of the country’s crypto-friendly legislation, prominent cryptocurrency exchanges like FTX, Binance, Bybit, and Crypto.com have set up their businesses in the area.