Dubai Real Estate Giant To Accept Bitcoin As Payment

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Dubai, United Arab Emirates-based luxury real estate developer DAMAC Properties will soon begin accepting Bitcoin payments for the sale of property in the region, the company said in a Wednesday statement.

“DAMAC Properties has always been at the forefront of innovations from developing luxury homes to creating unique experiences,” said ALi Sajwani, general manager of operations at the company and lead of its digital transformations initiatives. “This move towards customers holding cryptocurrency is one of our initiatives at DAMAC to accelerate the new economy for newer generations, and for the future of our industry.”

DAMAC is not the first real estate developer in the world to take Bitcoin payments.

In November, Latin American property technology (proptech) market leader La Haus announced it would start accepting BTC as payment for homes on-chain and on Lightning through an integration with Bitcoin payment processor OpenNode. La Haus sold its first property for bitcoin two months later as it bridged the purchase of an apartment in Mexico for 5.78 BTC. The company sold yet another property the following month, the first in Colombia, for bitcoin.

DAMAC’s move showcases a regional determination for fostering a Bitcoin economy as the United Arab Emirates seeks to establish itself as a welcoming region for the development of cryptocurrency businesses.



Source link Bitcoin Magazine

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