Damac properties introduce Bitcoin and Ethereum payment option

Damac Properties, UAE-based real estate developer and Dubai’s largest real estate developer, has announced that it will start accepting two major cryptos, Bitcoin (BTC) and Ethereum (ETH), as an alternative method of payment.

During the occasion, the head of digital transformation and General Manager of Operations at Damac said:

“DAMAC Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences. This move towards customers holding cryptocurrency is one of our initiatives at DAMAC to accelerate the new economy for newer generations, and the future of our industry.”

Besides, DAMAC will be investing 367 million UAE dirhams equivalent to $100 million into its metaverse that is aimed at developing virtual cities.

Dubai embraces the crypto world

Dubai is on its way to becoming a crypto hub as the majority of the crypto exchanges are establishing their base in the city after the government decided to issue a Virtual asset license under Dubai Virtual Assets Regulatory Authority (VARA).

One of the exchanges to shift its base is Binance, the largest crypto exchange in the world, which recently opened over 100 jobs in UAE after it acquired a virtual currency license. Other exchanges like FTX are also establishing their headquarters in the Gulf state.