- DAMAC Properties is able to reduce the price volatility risk by using a reliable financial middleman.
- Trustworthy middleman was hired to assist the transactions.
DAMAC Properties, a Dubai-based real estate developer has made cryptocurrency deals worth $50 million since the beginning of the year. DAMAC is the first Real Estated developer that made the purchase with cryptocurrency.
JUST IN: 🇦🇪 Dubai real estate developer DAMAC Properties has completed #cryptocurrency deals worth $50 million this year.
— Watcher.Guru (@WatcherGuru) June 4, 2022
The company’s chief operating officer (COO) Ali Sajwani stated that his organization is having trouble convincing elder decision-makers to invest in the metaverse, non-fungible tokens, and cryptocurrencies.
According to the COO by adopting Bitcoin or Ethereum as payment, DAMAC has proven the depths to which its organization will go in order to “benefit from the most advanced technology solutions”.
In the payment method utilized to complete the real estate purchases, a trustworthy middleman was hired to assist the transactions.
Ali Sajwani stated,
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.
Also, Sajwani stated that DAMAC Properties is able to reduce the price volatility risk by using a reliable financial middleman, having digital asset exchange was identified as the regulated intermediary used by DAMAC Properties.
Binghatti, one of Dubai’s most prominent real-estate developers also stated on Thursday that it would accept cryptocurrency as a payment method, it would start with Bitcoin and Ethereum.