On Wednesday, real estate developer Damac Properties announced that it would accept cryptocurrencies Bitcoin and Ethereum in property sales.
The Dubai-based company believes the adoption of crypto in property sales will be a step toward a new economy in the future.
“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,” Ali Sajwani, the lead of the organization’s digital transformation initiatives, said.
He continued, “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 recognize the value this technology brings to our customers.”
The UAE has been making great efforts to adopt cryptocurrencies as of late. Recently, two Dubai-based companies, Bake N More and YallaMarket, also announced that they would accept cryptocurrencies as payment.
Many large companies and investors are becoming more attracted to the UAE as the crypto industry is developed. Crypto exchanges have embraced Dubai since the government administered its first law governing digital assets in March and created the Virtual Asset Regulatory Authority (VARA) to supervise the sector.
As Dubai continues to adopt and develop its crypto industry, it is well on its way to becoming an international crypto hub.