Dubai’s DAMAC Properties Begins Accepting BTC And ETH Payments

DAMAC Properties, a Dubai-based real estate company with a worth of several million dollars, has begun embracing ETH (Ether) and BTC (Bitcoin) payments for the luxury abodes thereof. the establishment of DAMAC Properties was done in 2002 on the behalf of Hussain Sajwani, and the company has organized business across the U.K. Canada, and the middle east. It additionally possesses high-quality jewelry and fashion brands named De-Grisgono and Roberto Cavalli.

Sajwani is famous for remarkable marketing techniques like providing property purchasers with Lamborghinis. He additionally collaborated with the former President of the United States – Donald Trump – to launch several golf courses in 2013 across Dubai. The firm, having a worth of up to $2.1B, maybe consider crypto to be a method to allure attention following two underwhelming years. As reported, DAMAC posted the overall revenues valuing nearly $816M in 2021, nonetheless, they generally witnessed an overall loss of almost $144.6M during a year engrossed in the worldwide pandemic.

The year before the losses of the company also saw $176M. As per a declaration of 27th April, parallel to embracing payments in Bitcoin as well as Ethereum, the platform additionally offered the conversion of the funds in fiat if the consumers needed. Ali Sajwani – the general manager of operations at DAMAC – stated that the company is focusing substantial attention on emerging technology including cryptocurrency. As per him, it is significant for businesses across the globe to have a prestigious position in terms of further advancement.

He added that the provision of another mode for transfers is much thrilling and they are pleased to know that a lot of value is being given by this technology to their consumers. DAMAC moved on to indicate that the platform is turning into a center of cryptocurrency because of the crypto-favoring regulations implemented by the authorities of the country along with giving licenses for virtual assets to the crypto exchanges, including FTX Europe, Binance, and Bybit as the prominent ones. This week, a license has been acquired by Kraken as well.

The venue mentioned being seriously engaged with fueling the objectives of Dubai by launching additional endeavors dealing with cryptocurrency. In the words of Sajwani, as of February, the firm has some resilient strategy to initiate its NFT-supported venue for the Metaverse. Sajwani disclosed that they have developed a solution for the integration of diverse venues into DAMAC, taking into account jewelry, fashion, and real estate into the sector of the metaverse.

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