The United Arab Emirates has surpassed all other countries regarding bitcoin usage. In addition, the number of companies accepting cryptocurrency in Dubai has expanded dramatically. Damac Properties, a Dubai-based developer of premium real estate, recently announced the acceptance of Bitcoin and Ethereum as payment methods.
According to a report by Khaleej Times, Bitcoin and Ethereum will be accepted as payment options for any company’s assets. The corporation believes accepting cryptocurrency payments will expand real estate investors’ possibilities. Additionally, the use of cryptocurrency payments can alter the Dubai real estate business.
Damac Properties was founded in 2002 and currently works in the United Arab Emirates and Saudi Arabia, Lebanon, Iran, Jordan, Qatar, Oman, and the United Kingdom. “This move toward customers holding cryptocurrency is one of our initiatives to accelerate the new economy for younger generations and the future of our industry,” Ali Sajwani, general manager of operations at Damac Properties, said. Multinational enterprises such as ours must remain on the cutting edge of change. Offering another transactional mode is an exciting development. We are pleased to acknowledge the value this technology brings to our customers.”
Damac Properties is a subsidiary of Damac Group, which recently announced plans to build metaverse-based virtual cities. Damac Group will invest up to $100 million in the D-labs project. The company stated that the move was part of its “overall ambitions to expand into digital assets and non-fungible tokens (NFT).”
Damac’s recent demonstration of support for cryptocurrencies shows the reality in Dubai. Mohammed Al Hammadi, the firm’s owner of a Dubai-based Cafe, stated that since the company revealed that it will accept payments in cryptocurrency, it has seen a rise in bitcoin transactions. Another grocery store in Dubai, YallaMarket, has announced that it will accept crypto payments in USDC and USDT stable coins. Additionally, the store intends to begin paying employees in bitcoins.
In February, Dubai welcomed the opening of Doge Burger, a DOGE-themed restaurant. The restaurant accepted payments in various digital currencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, DOGE, and Shiba Inu. The rising number of companies accepting cryptocurrencies in Dubai has been ascribed to the city’s favourable cryptocurrency rules.