Dubai, United Arab Emirates-based luxury real estate developer Damac will soon accept payments in crypto, joining the chorus of firms betting that the UAE will become a global crypto hub.
- Damac will accept payments in bitcoin (BTC) and ethereum (ETH), the firm said in a Wednesday press release. The move aims to "accelerate the new economy for newer generations, and for the future of our industry," said Ali Sajwani, who leads Damac's digital transformation initiatives as the general manager of operations.
- Damac isn't the first property developer to make this move as Latin America's Proptech La Haus made a similar announcement in November 2021.
- Damac has developed properties in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada and the U.K. It booked AED170 million ($46 million) in net profits for 2021, according to its annual earnings report.
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