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DAMAC, A Dubai-based Property Developer Company, Concludes Real Estate Deals Worth $50M via Crypto

Ali Sajwani, the chief operating officer (COO) of DAMAC properties based in Dubai, stated that the company has been making deals via cryptocurrencies. Consequently, the real estate development company has made deals worth $50 million in cryptocurrencies. Surprisingly, the deals only include those that have happened since the beginning of this year. 

Despite the success, the executive expressed his genuine concern that it is harder to persuade 

the older generation to buy into metaverse and its elements. The decision-makers in the older generation either are not aware or do not want to invest in non-fungible tokens and cryptocurrencies. 

Sajwani believed that accepting payments in bitcoin and ethereum has positively impacted DAMAC’s brand image. It shows that the real estate development company will go to any extent to benefit from modern technologies. 

Sajwani reportedly said that they used a trusted intermediary to conclude the deals in cryptocurrencies. He said that the Abu Dhabi Global Market has approved the renowned trusted financial intermediary called the ‘Havyn digital asset exchange.’ The customers pay the property’s price in bitcoin and ethereum to the intermediary since these two are the most widely used and trusted cryptocurrencies. Afterward, the trusted intermediary transfers the paid amount to the DAMAC’s digital wallets in dollars or dirhams. 

The COO further stated that the trusted financial intermediary DAMAC eliminates the risk of price fluctuations. 

Sajwani also speaks in the same interview that as far as accessing the metaverse is concerned, DAMAC faced numerous problems. He states that the older generation has a massive impact on the real estate industry. However, convincing them to invest in cryptocurrencies is extremely hard. This is because the older generation is unaware or unfamiliar with the new technology and might not trust the crypto industry as they are used to the traditional methods of payments. 

The COO also adds that such a response from the older generation was not out of the blue, and DAMAC was already aware that they would have to face such impediments. Sajwani believes that metaverse, its elements, cryptocurrencies, and NFTs are a newer concept. It is understandable that before investing in such, the users need to become acquainted with these technologies. 

As a solution to the problem, Sajwani states that the decision lies at the hands of the decision-makers. However, they must conduct thorough research or do an in-depth survey to better know about cryptocurrencies and related aspects. 

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