Dubai based real estate giant to add support for Cryptocurrencies
Dubai-based real estate behemoth DAMAC jumped in the crypto support to step with the modern payment systems.
Since last year, Dubai started to create an ecosystem for the crypto & blockchain industry evolution. Right now Dubai is welcoming crypto companies to make Dubai the center of blockchain hub in the Middle East. Almost every big business is now looking to add their services to the crypto and blockchain to get better traction in the crypto and non-crypto industry.
On 27 April, Dubai-based leading luxury real estate developer DAMAC Properties announced that it will add support for the crypto-based options, which will allow this real estate giant to convert cryptocurrencies into fiat currency. And also to allow the wealthy Bitcoin and Ethereum coin holders to buy properties.
Through the press release, the company noted that they are taking this step as a part of DAMAC Group’s objective to bring blockchain technology-based innovative solutions to its customers.
The General Manager of Operations at DAMAC and also the leader of the firm’s digital transformation initiatives, Ali Sajwani, commented on this initiative of crypto adoption in such services. He said that such initiatives will make services unique and also it will further help to increase the economy with the new generation more fastly.
“DAMAC Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences. This move towards customers holding cryptocurrency is one of our initiatives at DAMAC to accelerate the new economy for newer generations, and the future of our industry.”
Ali also noted that such support for crypto is also a need to make such businesses at the top and also they are eager to know what the outcomes they will get from customers with this new experience.
Recently Dubai established its crypto regulatory body “Dubai Virtual Assets Regulatory Authority (VARA)” to bring better regulation under the framework. Recently Binance like big crypto exchanges successfully secured a crypto license from VARA. So crypto companies, as well as non-crypto businesses, are also moving toward crypto adoption and these are enough to hint that Dubai is moving toward crypto and blockchain industry adoption at a better rate.
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