A foremost real estate development company based in Dubai, DAMAC Properties, has completed deals worth over $50 million using crypto.
The transaction volume recorded by the company is coming just a few weeks after it announced that it would begin to sell properties using cryptocurrencies like Bitcoin and Ethereum.
The company had explained that its decision to embrace crypto was driven by the need to help revolutionize the future of real estate and make deals in the industry more convenient for investors across the globe.
The company’s general manager of operations, Ali Sajwani, 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.
Speaking on the volume of transactions recorded by the company during a recent interview, Sajwani said by accepting either BTC or ETH for payment, the firm has shown commitment to the development of the most advanced technology solutions.
He noted that to make it easier, the company employed a trusted intermediary to help facilitate its crypto transactions.
The payment process is made through a trusted financial intermediary approved by the Abu Dhabi Global Market, the ‘Heaven’ company, where the customer pays the value of the property in bitcoin or ethereum, as they are among the most traded digital currencies in terms of safety and trust, and then the financial intermediary transfers the amount to our digital wallet in dirhams or dollars.
DAMAC’s Crypto Acceptance Hasn’t Been Straightforward
He, however, noted that the company had been faced with several challenges since it began to accept payment in crypto.
Foremost among these challenges is the hurdle of convincing the old generation to take quick and proactive steps to invest in this new and unfamiliar world.
He continued that since crypto, NFTs, and Metaverse are relatively new technologies globally, new users would need to familiarize themselves with the space before investing.
Crypto payments have become quite popular in recent times. Chipotle, a leading Mexican chain, became the latest international company to accept digital assets payments.