The United Arab Emirates is taking the lead in cryptocurrency adoption. The number of businesses in Dubai that are now open to accepting cryptocurrencies has increased significantly over the past few months.
Damac Properties, a luxury real estate developer in Dubai, recently announced accepting Bitcoin and Ethereum for payments.
Dubai real estate developer accepts crypto payments
A report by Khaleej Times said that Bitcoin and Ethereum would be payment methods for any of its properties. According to the company, having crypto payments would increase the options available for real estate investors. Moreover, having crypto payments could transform the Dubai real estate sector.
Damac Properties was started in 2002, and it operates in the UAE and in other countries such as Iran, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, and the United Kingdom.
Ali Sajwani, the general manager of operations at Damac Properties, said, “This move towards customers holding cryptocurrency is one of our initiatives to accelerate the new economy for newer generations and for the future of our industry. It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting, and we are glad to recognize the value this technology brings to our customers.”
Damac Properties is the subsidiary of Damac Group, and the latter recently announced plans to build virtual cities in the metaverse. The project dubbed D-labs will receive funding of up to $100 million from Damac Group. The company said the move was “part of the company-wide ambitions to move into digital assets and non-fungible tokens (NFT).”
Growing crypto adoption in Dubai
The recent show of support by Damac towards cryptocurrencies reflects the currency situation in Dubai. YallaMarket, a grocery store in Dubai, said that it would accept USDC and USDT stablecoins as payments. The store is also planning to start paying salaries in cryptocurrencies.
Bake N More, a café based in Dubai, has also revealed it will accept crypto payments. The company owner, Mohammed Al Hammadi, said that since the company announced this new payment option, it had recorded an increase in cryptocurrency transactions.
In February, a DOGE-themed restaurant opened in Dubai dubbed Doge Burger. The restaurant supported payments in different digital assets, including BTC, ETH, BNB, DOGE and Shiba Inu. The increased number of businesses in Dubai accepting cryptocurrencies has been attributed to friendly crypto laws.
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