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Damac to sell property against cryptocurrencies Bitcoin & Ethereum

Welcome to the new age of real estate and property development. With the world moving every fathomable entity into a digital or ‘virtual’ format why must the real estate sector be left behind? 

Damac, one of Dubai’s top property developers announced their move to accept cryptocurrencies Bitcoin and Ethereum. The initiative was taken by the company in bids to try and attract the new age customers holding cryptocurrency and contribute to the overall development of the sector.  Additionally, global real estate investors will benefit from the inclusion because it offers convenience and adaptability as well. Needless to say, that it’s not just real estate sector but other segments are also taking equal initiatives in entering the digital currency age. Dubai based companies like the Bake N More and delivery firm YallaMarket are some of the recent ones to join in by broadcasting that they will accept bitcoins as a form of payment. 

Damac’s general manager of operations and lead of its digital transformation initiative, Ali Sajwani has quoted, “This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations, and for the future of our industry,”.  Global businesses today are fighting to stay at the top of the game and are on the lookout for new and exciting technologies that can attract the next potential customer says Ali Sajwani. 

The Cryptocurrency usage is growing at an exponential rate in the United Arab Emirates, with more and more sectors joining the trend to usher in the era of the new age currency. As part of its efforts to regulate the sector, Dubai has accelerated the use of digital currencies. One of the crucial moves in this direction was by bringing in the Dubai Virtual Asset Regulation Law which is aimed at creating an advanced legal framework to protect investors and provide international standards for virtual asset industry governance that will promote responsible business growth in the emirate, according to Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai. 

The UAE’s drive to grow the crypto business has recently attracted noteworthy corporations. Following the government’s decision to award virtual asset licenses under the Dubai Virtual Assets Regulatory Authority, major crypto exchanges are relocating their headquarters to Dubai. One of the first cryptocurrency exchanges to set up shop in the UAE, BitOasis, has also applied for a license from VARA.  FTX Europe and Binance, the world’s largest cryptocurrency exchange, both obtained virtual asset licenses in Dubai indicating that Dubai is on the verge of becoming a crypto powerhouse. Other virtual assets with crypto-friendly policies are also being promoted by the Emirate. and Bybit, both established in Singapore, announced intentions to open regional and global offices in Dubai in March. Damac, data centre firm Edgnex, luxury jeweller de-Grisogono, and fashion label Roberto Cavalli announced a proposal to enter the metaverse and create their own digital towns earlier this week. The company intends to invest up to $100 million in the project. 

Ali Sajwani will lead the group, which will operate under the banner ‘D-Labs.’ The project is part of the company’s larger plans to go into digital assets and non-fungible tokens (NFT). 

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