Dubai’s leading real estate developer ‘Damac‘ will now enable popular cryptocurrencies Bitcoin (BTC) and Ether (ETH) as payment options for their customers. According to Khaleej Times, Damac will go to add cryptocurrencies into their payment systems to facilitate more buying and purchasing options for the consumers.
Damac, established in 2002 by Hussain Sajwani is a Dubai-based luxury real estate property developer. Currently, Damac operates internationally including in Qatar, Lebanon, Jordan, Oman, Saudi Arabia, Iran, and the United Kingdom.
The real-estate developer believes that incorporating cryptocurrencies in payment options could restructure the entire real estate industry in the UAE. According to Hussain, it is very important for every industry to stay updated with the growing technology. It is exciting for Hussain to offer a new transactional model that can accelerate a new economy for newer generations of the country. Also, under the new crypto law, the Dubai Virtual Asset Regulatory Authority (VARA) has been set up to accelerate special developments in the sector.
Another real-estate developer Nakheel has initiated cryptocurrency services on their various platforms. Accordingly, the customers can pay their rents, service fees, and property purchases through cryptocurrency. They have also partnered with a crypto trading and exchange platform Hayvn to implement the new service.
The increasing Bitcoin & Ether adoption in Dubai
Dubai’s famous grocery delivery service Yalla Market has announced to accept stablecoins USDC and USDT as payment. The startup raised $4.5 million dollars in its last fund-raising round and operates heavily in Dubai. It aims to deliver groceries and other needful supplies in 15 minutes. According to Yalla Market, implementing USDC and USDT in their payment services will attract a large customer base. They are also considering paying their employees’ salaries in crypto in near future.
Similarly, the brand new baking business Bake N More has emerged as the first cafe in Dubai to accept crypto payments. The company’s owner Mohammad Al Hammadi stated that customers are preferring cryptocurrency transactions over regular fiat currency to buy goods.
It is no doubt that Dubai’s innovative and distinctive concepts of development are attracting multinational crypto companies like Binance, FTX Trading, and Bybit. The crypto-friendly laws and policies are adding an exponential value to the overall Dubai and Middle Eastern Region’s economy.