Dubai’s Largest Real Estate Developer Damac to accept payments in BTC and ETH

Dubai is quickly emerging as the crypto hub of the world and thanks to its crypto-friendly policies. On Wednesday, April 27, Dubai’s largest real estate developer Damac Properties said that it would start accepting crypto payments in Bitcoin (BTC) and Ethereum (ETH) against property sales.

The real estate giant said that introducing property sales will revolutionize the real estate market in Dubai. Besides, cryptocurrencies also bring convenience and optionality to property developers worldwide. Speaking to Kahleej Times, Ali Sajwani, general manager of operations at Damac said:

“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. It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting, and we are glad to recognise the value this technology brings to our customers.”

As said, Dubai is becoming the most-preferred destination for crypto innovation due to its crypto-friendly laws and taxation. As a result, companies across sectors have been open to accepting crypto payments. Dubai’s delivery startup YallaMarket also added that they will start accepting crypto payments.

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