Dubai-Based Luxury Real Estate Developer Accepts Payments In Cryptocurrencies

DAMAC Properties, a leading luxury real estate developer in Dubai, announced on April 27 that it will support the digital economy by enabling the conversion of cryptocurrencies to fiat currency, as well as the sale of properties to wealthy bitcoin and ethereum holders.

The decision was made in line with DAMAC Group's goal of using technology to deliver innovative solutions to its customers. DAMAC also emphasized that Dubai is becoming a crypto hub thanks to government regulations and virtual asset licenses, with leading exchanges such as Bybit, Binance and FTX Europe recently opening their offices there. Kraken also received a license earlier this week.

In February, Ali SAJWANI, General Manager of Operations at DAMAC and lead of the firm’s digital transformation initiatives, noted that the company has ambitious plans to launch its own NFT-backed Metaverse platform.

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