DAMAC Secures $50M in Real Estate Transactions through Cryptocurrency

by Editor

According to the Chief Operating Officer, Ali Sajwani, DAMAC Properties in Dubai has already completed real estate agreements worth $50 million using cryptocurrency since the beginning of this year. 

DAMAC Properties, a Dubai-based real estate developer, has conducted cryptocurrency agreements worth $50 million since the beginning of the year, according to the COO.

DAMAC has demonstrated the length to which it will go to benefit from the most sophisticated technological solutions by already accepting both bitcoin and Ethereum as forms of payment.

The consumer pays the value of the property in Bitcoin or Ethereum, and the financial intermediary then transfers the money to DAMAC’s digital wallet in dirhams or dollars, as permitted by the Abu Dhabi Global Market.

According to Sajwani, DAMAC Properties is able to reduce the price fluctuation risk by using a reliable financial intermediary. In a different study, Havyn digital asset exchange was identified as the regulated intermediary utilized by DAMAC Properties in a different study.

Meanwhile, the COO discussed the obstacles or obstructions that his organization encounters when it comes to entering the metaverse in the same interview. One of the challenges of emerging technology is persuading the older generation of decision-makers to take swift and decisive action to invest in this new and foreign environment.

In addition, because the metaverse, NFTs, and cryptocurrencies are still relatively new, potential users should familiarize themselves with them first; before investing, decision-makers would need to do an in-depth survey.

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