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Dubai Real Estate Developer Closes $50M Real Estate Deal Via Crypto
According to an executive at Dubai-based DAMAC Properties, the real estate development company “has successfully completed $50 million worth of real estate transactions through cryptocurrencies since the beginning of the year.”
7:05 4th Jun, 2022

However, the executive stated that his Companies face the challenge of convincing an older generation of policymakers to buy into Metaverse, non-fungible tokens and cryptocurrencies.

Use a trusted intermediary

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

In an interview, the COO said that by accepting bitcoin or ethereum as payment, DAMAC showed the extent to which his company would “benefit from state-of-the-art technological solutions.”

When asked about the payment mechanism used to complete the real estate transaction, the COO said a trusted intermediary had been selected to facilitate the transaction. He says:

The payment process is carried out through a trusted financial intermediary approved by the Abu Dhabi Global Market (“Paradise” company), and the customer pays the value of the property in Bitcoin or Ethereum as they are one of the most traded digital currencies securely and trust, the financial intermediary then transfers the amount in dirhams or dollars into our digital wallet.

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

Barriers to Accessing the Metaverse

Meanwhile, in the same interview, the COO spoke about the challenges or obstacles his company faced in accessing Metaverse. According to Sajwani, one of the hurdles facing proponents of emerging technologies includes “convincing an older generation of policymakers to take quick and aggressive steps to invest in this strange new world.”

Also, since Metaverse, NFTs, and cryptocurrencies are still fairly new, potential users need to familiarize themselves with these first. According to the COO, this means that decision makers must conduct in-depth research or research before they start investing.


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