Dubai Real Estate Developer to Accept BTC and ETH as Payments

Dubai, United Arab Emirates-based luxury real estate developer, Dumac, will soon accept cryptocurrency payments in Bitcoin and Ethereum, joining heaps of other companies betting that the UAE will become a global crypto hub, according to a press release Wednesday. 

They also took to Twitter to publicize their big announcement in both Arabic and English. 

This decision is on point with Damac’s mission which is to provide the best possible solutions to its customers and to attract more real estate investors from around the world. They feel that having the most prominent advanced technology solutions is one way to accomplish this goal and that cryptocurrency is one of those solutions. 

“DAMAC Properties has always been at the forefront of innovation and advanced solutions, from developing luxury homes to providing exceptional experiences to its customers,” said Ali Sajwani, General Manager of Operations at DAMAC. “Accepting cryptocurrency payment options to purchase real estate, and providing facilities to Bitcoin and Ethereum dealers, is one of the many initiatives that DAMAC is adopting to accelerate the pace of the new economy, provide the best solutions for new generations, and support the future of this sector.” 

Damac is one of the first property developers to make this move, as it follows Latin America’s La Haus as it made a similar announcement in November 2021. 

This announcement comes as the UAE has been trying to attract crypto business by creating a clear regulatory framework for digital asset firms to operate. From July 2020 through June 2021 the cryptocurrency market grew 1,500% according to a Chainanalysis report. While the Middle East is the second smallest market they study, cryptocurrency is gaining substantial traction in the region. The UAE transacts about $25 billion each year ranking third in the region.

Crypto.com and Bybit have set up offices in Dubai, while Kraken has just been approved for a license to operate in Abu Dhabi’s free trade zone. 

Author: Tyler Irvin

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