DAMAC Propreties, Dubai’s luxury real estate specialist, is now accepting bitcoin (BTC) and ether (ETH) transactions. A boon for prospective real estate buyers in Dubai and in the regions covered by the company.
Transaction in bitcoin and ether, an extra privilege for customers
According to an announcement on April 27, real estate developer DAMAC Propreties accepts payments in bitcoin and ether. This first point is likely to attract the full attention of real estate investors in Dubai.
The second point consists of facilitating the conversion to fiat for sellers in an emergency. In short, the latter will hold all the cards to succeed in any luxury investment project in the region.
† Offering an alternative mode of transaction is exciting, and we’re happy to recognize the value this technology brings to our customers… It’s critical for global companies like ours to stay at the forefront of change.†
This is how Ali Sajwani described this addition of conveniences within the universe of DAMAC Propreties. As the general manager of the company’s operations, he is looking for any innovation that can help him develop his business.
In addition, Dubai’s ambition is to become a “crypto hubhelps things well. Hasn’t it been reported lately that city authorities have introduced cryptocurrency-friendly regulations? In addition, they voted for a legal framework conducive to the licensing of digital assets, allowing regional offices to be opened by leading exchanges such as Binance, Bybit, FTX Europe and Kraken.
DAMAC Cleanliness in a nutshell
DAMAC Propreties is a luxury real estate developer based in Dubai. Billionaire Hussain Sajwani is the founder. Currently DAMAC has offices in the Middle East, Canada and also the UK. Given its leaders’ passion for luxury, the company also develops high-end fashion and jewelry brands such as De-Grisgono and Roberto Cavalli.
On the marketing side, Sajwani is known for his outlandish tactics. In order to attract (and retain) his customers, he does not hesitate to distribute Lamborghinis for free. He went so far as to join forces with Donald Trump in 2013 to launch golf courses related to his name in Dubai.
But DAMAC Propreties has not only known happy days. Indeed, the company would have suffered heavy losses as a result of the Covid-19 pandemic. 144.6 million dollars is the turnover put forward by this project developer, valued at 2.1 billion dollars. To say he could have net sales of $816 million in 2021.
Hopefully, this interest in bitcoin and other cryptocurrency transactions will do his cash flow well.
In February, Sajwani revealed plans to launch DAMAC Propreties’ metaverse and NFT platform. DG Operations explains:
†So while most people use the term “Metaverse” loosely, we believe it’s about so much more and we’ve come up with a solution that bridges physical and digital assets to enable cross-use… We have a solution formulated to the various platforms under DAMAC be it real estate, fashion, jewelry by bringing them all to the metaverse.†
Wise decision by a visionary who also excels at grasping the evolution of his world. If DAMAC Propreties starts accepting transactions in BTC and ETH, it will be because the world of the metaverse and the blockchain will no longer hold any secrets for the company.
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