Recently one of the most predominant real estate companies in Dubai, DAMAC, announced that successfully selling a property with cryptos was completed. According to its executive director, the property was sold for about $50M in virtual currencies. However, the CEO acknowledges that the company has had difficulty getting involved in crypto trading, Metaverse, and NFTs, but the fight continues.
Crypto trading is rising in Dubai as more real estate, or financial companies adopt the scheme. In previous days, a charitable foundation in the UAE accepted crypto-donations after seeing the crypto industry’s huge potential.
DAMAC closes real estate sale in cryptos
Once again, Dubai is in the spotlight after the most prominent real estate company in the Arab territory, DAMAC, accepted and closed a sale in crypto. The company’s general manager believes that after accepting Bitcoins and Ethereum as a payment method, the firm has increased in popularity and sales. He acknowledges that the company has benefited from crypto technology and will continue to do so.
According to Saiwani Ali, who would be the COO of DAMAC, to close the negotiation, an exchange verified by the agency Heaven of Abu Dhabi Market had to intervene. In this way, the future owner would know what the property’s value would be paid at the real Bitcoin exchange rate. This Heaven agency also served DAMAC to receive the money in US dollars or Dirhams.
But Saiwani believes that an intermediary Exchange can mitigate volatility problems between cryptos. According to investigations, the crypto exchange used by the Dubai real estate company DAMAC goes by the name “Havyn.”
Real estate in Dubai cannot enter the virtual universe
While Saiwani praised his entire team for completing the property sale, he also regretted that he had not yet explored the virtual universe or Metaverse as it is well known. Saiwani says it is difficult for him to persuade his clients about new technological developments and how they can take advantage of them. This makes new investments and an entire community that supports their progress impossible.
The NFT and Metaverse market may be very recent for Dubai, which has created an environment of disinterest among its citizens. However, it is a topic that only needs to age before amateur companies and investors gradually accept it.
The United Arab Emirates is moving fast into the crypto industry after seeing it gain so much priority in countries like the United States, the United Kingdom, and throughout the Latin American continent. DAMAC did not specify what type of crypto will accept to close the negotiation, but it is probably Bitcoin, as it is the most popular cryptocurrency in virtual commerce. Soon the real estate company could announce a second sale on their properties, but at a much higher price.