May 24, 2022

Dubai real estate developer DAMAC introduces bitcoin payments

Dubai's leading luxury property developer DAMAC Properties has announced that it will accept payments in bitcoin and ethereum, converting them later into fiat currency.


This decision was made to provide innovative services to its customers, according to a press release from the company.

DAMAC CEO and Head of Digital Transformation Initiatives Ali Sajwani commented on the event:

“DAMAC Properties has always been at the forefrontinnovations - from the construction of luxury homes to unique details. This step towards customers who own cryptocurrencies is one of our initiatives aimed at developing a new economy for new generations.”

The desire of the United Arab Emirates (UAE) toThe adoption of cryptotechnologies attracted the attention of large corporations. After the decision of the government to grant licenses for virtual assets, large cryptocurrency exchanges, for example, Binance, began to work in the UAE.