Colorful billionaire’s Dubai real estate company now approves BTC and ETH

April 28, 2022

dubai 2057583 1280

Colorful billionaire’s Dubai real estate company now approves BTC and ETH

DAMAC Properties’ general manager of operations Ali Sajwani said that giving yet another transactional method is exciting, and they are pleased to understand the value this technology gives rise to the customers. Multi-billion dollar Dubai-based real estate creator DAMAC Properties has begun approving Bitcoin and Ether payments for its luxury dwellings.

DAMAC Properties was established by colorful billionaire Hussain Sajwani in 2002, and the company has administered business throughout the middle east, Canada, and the U.K. It also acquires high-end fashion and jewelry names Roberto Cavalli and De-Grisgono. Sajwani is well known for impressive marketing tactics like giving away free Lamborghinis to equity buyers. He was also associated with Donald Trump in 2013 to inaugurate multiple Trump-branded golf courses in Dubai.

The company, esteemed at approximately $2.1B, may be glancing at crypto as a means to entice some attention after a couple of underwhelming years. DAMAC posted net earnings of $816M in 2021 but also witnessed a net loss of $144.6M amid a year afflicted by the global pandemic. The year before, the company’s losses were also estimated at around $176M. As per the Wednesday announcement, alongside approving payments in BTC and ETH, the corporation will also promote the modification to fiat for the dealer if needed. Ali Sajwani reported that the company is spending particular emphasis on developing technology like crypto.

DAMAC also brought out that Dubai is evolving as a crypto hub. Thanks to the administration’s crypto-friendly laws and virtual asset licenses, top exchanges like Binance, By bit, and FTX Europe all recently set up shops there. Kraken also attained a license first this week. The company reported that it is keen on fueling Dubai’s intentions by rolling out further crypto initiatives.

Sajwani also remarked in February that the firm clasps ambitious proposals to inaugurate its owT-backed Metaverse forum. So, while most of them use the term Metaverse normally they think it is much more and they have come up with an explanation where they bridge the physical and digital assets to allow for cross-utilization. They have developed a solution to incorporate the several programs under DAMAC.

Have a look at this- New Virtual Asset Regulator of Dubai Licenses Crypto Exchanges Binance, FTX

Exclusively hand curated news, written precisely in short by our editors for a 60 seconds read! We understand that reading multiple news from various resources could be monotonous, time consuming and less interesting. At Dcryptonews, you will experience a new style of reading news with smart keyword, ease of language that is easy to read for a quick news grasp.