Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto
DAMAC Properties, a Dubai-based fully genuine estate developer, has completed bitcoin deals worth $50 million since the start of the year, according to the company’s chief operating officer (COO) Ali Sajwani.
During an interview, the COO claimed that by taking both bitcoin and Ethereum as payment, DAMAC has demonstrated the volume to which his organization will pass to “enjoy the greatest superior generation solutions.”
When asked about the pricing process utilized to complete the real estate deals, the COO responded that a dependable intermediary had been chosen to arrange the transactions. He explained:
The price system is made through a dependable monetary middleman, who is approved by way of the Abu Dhabi Global Market, the ‘Heaven’ organization, and who accepts bitcoin or Ethereum as payment for the belongings, as these are some of the most widely traded virtual currencies in terms of security and trust, after which the monetary middleman transfers the quantity to our virtual pockets in dirhams or dollars.
Sajwani stated that his company’s usage of a dependable financial intermediary, DAMAC Properties, can eliminate the danger of price volatility. The regulated intermediary used by DAMAC Properties has been identified as HAYVN virtual asset exchange, according to a separate document.
Meanwhile, the COO mentioned the difficult conditions or obstructions that his company confronts when it comes to accessing the metaverse inside the same interview. “Convincing the vintage period of decision-makers to take fast and aggressive actions to inject money into this new and unexpected environment,” according to Sajwani, is one of the challenges facing proponents of emerging technology. Additionally, because the metaverse, NFTs, and cryptocurrencies are all relatively new, potential customers want to become acquainted with them first. This means, according to the COO, that decision-makers will need to do a high-intensity survey or study before they can start investing.
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