Popular Dubai-based Real Estate Developer Damac Announces Support For Bitcoin and Ethereum Payments

DAMAC wants to change Dubai's real estate by making it easier for its clients to pay their bills.

DAMAC, a famous Dubai-based real estate corporation, said on April 27 that its customers can now pay for real estate using cryptocurrency. While it will initially only allow Bitcoin and Ethereum as crypto payments, it hopes to add other cryptos before the end of the year.

The company stated that it began allowing crypto payments because it believes that crypto represents the future of all industries, including real estate, regardless of geography or industry. In addition, potential investors now have a widely approved method of making crypto payments and purchasing real estate.

The move enabling clients to hold crypto is one method we plan to enable the newer generation to access the new economy," Ali Sajwani, DAMAC's general manager and head of digital transformation, said. It is also our industry's future."

"It is critical for a recognized firm like ours to stay on top of advances in the new economy," he continued. It's fantastic to be able to offer a new way of transaction, and we're thrilled to be able to support this technology and let our clients grin." The crypto space in the UAE is rapidly expanding, with many merchants now accepting crypto payments.

Hussain Sajwani, a business magnate with several years of expertise, owns the multi-billion-dollar company behemoth, which is publicly listed on the Dubai Financial Market. The DAMAC group is involved in a variety of industries, including data centers, manufacturing, capital markets, hotels and resorts, and high-end fashion.

Following the acquisition of Roberto Cavalli (a well-known Italian fashion label) and De-Grisgono, the firm rose to prominence (a high-end Swiss Jewellery brand). It also has the following important features:

• Nine Elms is a neighborhood in London (a 50-story tower).

• In the Maldives, a high-end apartment.

•Several shopping centers in Iraq's heartland.

The company's investment arm intends to invest $3.5 billion in a variety of hot markets in the United States and Western Europe. Edgenex was recently acquired by the group with the intention of establishing multiple data centers across several countries.