Dubai-based luxury real estate developer DAMAC will begin accepting crypto payments soon.
- DAMAC stated in a press release on Wednesday that they will begin accepting both Bitcoin ($BTC) and Ethereum ($ETH). This decision supports Damac’s vision “of leveraging technology to provide innovative solutions to evolved customers,” and to “revolutionise the future of real estate.”
- Ali Sajwani, the GMO of DAMAC stated that the “move towards customers holding cryptocurrency is one of our initiatives at DAMAC to accelerate the new economy for newer generations, and for the future of our industry.”
- Last year DAMAC’s annual earnings report showed over US$46M in net profits, developing properties across the globe; from UAE to Canada, and the Maldives to name a few.
- Dubai has been focusing its attention on providing a regulatory framework that makes the city a safe and prosperous space for cryptocurrencies, through the Dubai Virtual Assets Regulatory Authority (VARA). This move has attracted the business of many companies as Dubai is on route to becoming a crypto hub.
- Another Dubai-based company, YallaMarket, began accepting cryptocurrencies as payments last month.
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