One of the major real estate companies in the UAE starts accepting cryptocurrency
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Answer One of the major real estate companies in the UAE starts accepting cryptocurrency
UAE-based real estate giant Damac announced today, Wednesday, that it will add Bitcoin and Ethereum, as a new payment option, according to the newspaper.Gulf Times“.
Ali Sajwani, General Manager of DAMAC, stated that the company has adopted digital currencies as part of its digital transformation efforts.
In addition, the company will invest approximately 367 million UAE dirhams ($100 million) in its new project “Metaverse”, which aspires to build virtual cities.
Founded in 2002, DAMAC has a presence in a large number of countries, including the United Kingdom, Qatar, Saudi Arabia and Oman.
The company generated 3 billion UAE dirhams ($816.8 million) in revenue last year, but it is still struggling to turn a profit.Read:Project Neblio: A platform for creating cryptocurrency and decentralized applications
Last November, it was acquired by Maple Invest Ltd., which is run by billionaire Hussain Sajwani and is also based in Dubai.
Last month, Damac was transformed into a private company after regulatory approval.
Branching out into digital ownership is likely to save the company’s profits.
Dubai and its quest to be the center of crypto in the world:
Dubai is fast becoming one of the best cryptocurrency hubs in the world due to a dedicated regulatory system.
Binance, the world’s largest cryptocurrency exchange, recently opened more than 100 jobs in the UAE after obtaining a crypto brokerage license.
FTX and other competitors have also decided to set up headquarters in Dubai.
The appetite from crypto companies to Dubai comes amid increased scrutiny from international watchdogs.
The Financial Action Task Force (FATF), a Paris-based intergovernmental organization that aims to combat money laundering, has placed the UAE on the “grey” list due to strategic shortcomings in combating cash flows.Read:Hacking the decentralized finance project “BXH” built on the Binance blockchain and stealing 130 million dollars
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