Damac is set to Accept Crypto Payments :
In recent months, some of the world’s largest cryptocurrency exchanges have started moving to the UAE. Damac is the most recent example of a company based in Dubai embracing bitcoin after the UAE transitioned to a crypto powerhouse. The Dubai real estate developer has announced that it will accept cryptocurrencies as payment for its properties.
Blockchain technologies in the real estate market offer a solution to accelerate transaction speed and enhance security, which can significantly minimize the potential for fraud. This cutting-edge technology touches every aspect of the buying and selling process of a property. Damac has announced its plan to leverage this high-end technology and will soon accept cryptocurrency payments. It will be one of several companies relying on the UAE to become a worldwide crypto powerhouse.
- Modernizing the Economy That Fits the Needs of the Younger Generation
Based on Chainalysis data, 7% of global cryptocurrency trading volume comes from the Middle East. The region has joined the race of the world’s hottest cryptocurrency marketplaces. The Middle East is putting efforts into modernizing its economy that serves the needs of future generations. Damac is supporting economic growth and digital infrastructure by allowing currency conversion. The company will make it easier for Bitcoin and Ethereum users to buy and sell real estate. Dubai Real Estate Developer will facilitate crypto payments to advance the new economy for future generations.
- Bitcoin and Ether as a Means to Buy Property
Damac claims that allowing such payments will be more convenient and provide real estate investors with more options for choosing the property. Further, it will facilitate property acquisitions and transform the real estate sector. Damac Group has announced that it intends to invest in the metaverse for the creation of digital cities. Sajwani will take immediate action to lead this initiative, which will be known as D-labs. Damac Group will make an investment of up to $100 million in the project.
- A Growing Number of Dubai-based Businesses Accepting Cryptocurrency Payments
Dubai, Abu Dhabi, and the United Arab Emirates as a whole have been attempting to entice cryptocurrency investment by establishing a transparent regulatory structure within which virtual currency enterprises will conduct their business operations. Damac’s acceptance of virtual currency payment methods demonstrates that an increasing number of businesses in Dubai are embracing cryptocurrencies. YallaMarket, a grocery delivery business, has announced that stablecoins USDC and USDT would be accepted for payment transactions. Employee salaries might potentially be paid in cryptocurrency. Similarly, Bake N More, a Dubai-based company, was the first to accept cryptocurrency payments.
- Creating Smart Contracts for the Real Estate Industry
Blockchain technology provides unrivaled speed by allowing smart contracts to be created without the need for third-party interference. In some aspects, these smart contracts are similar to traditional contracts. The parties can maintain all stored information. The technology protects contracts from being modified. These digital contracts eliminate any possibility of ambiguity or misinterpretation, which is common in our day-to-day dealings.