Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto

According to an executive with the Dubai-based DAMAC Properties, the real estate development “company has already succeeded in concluding real estate deals worth $50 million via cryptocurrencies since the beginning of this year.” The executive, however, says his company is facing challenges convincing the older generation decision-makers to buy into the metaverse, non-fungible tokens, and cryptocurrencies.

The Dubai-based real estate developer, DAMAC Properties, has since the beginning of the year completed cryptocurrency deals worth $50 million, the company’s chief operating officer (COO) Ali Sajwani has said.

In his remarks during an interview, the COO said by accepting either bitcoin or ethereum as payment, DAMAC has shown the extent to which his company will go in order for it to “benefit from the most advanced technology solutions.”

When asked about the payment mechanism that was used to conclude the real estate deals, the COO said a trusted intermediary had been chosen to facilitate the transactions. He said:

The payment process is made through a trusted financial intermediary approved by the Abu Dhabi Global Market, the ‘Heaven’ company, where the customer pays the value of the property in bitcoin or ethereum, as they are among the most traded digital currencies in terms of safety and trust, and then the financial intermediary transfers the amount to our digital wallet in dirhams or dollars.

Sajwani added that his company’s use of a trusted financial intermediary means DAMAC Properties is able to eliminate the price fluctuation risk. A different report has identified the regulated intermediary used by DAMAC Properties as Havyn digital asset exchange.

Meanwhile, in the same interview, the COO spoke of the challenges or impediments that his company faces when it comes to accessing the metaverse. According to Sajwani, one of the hurdles facing proponents of emerging technologies include “convincing the old generation of decision-makers to take quick and proactive steps to invest in this new and unfamiliar world.”

Also, since the metaverse, NFTs, and cryptocurrencies are still fairly new, prospective users need to become acquainted with these first. According to the COO, this means decision-makers will have to do an in-depth survey or research before they can start investing.

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