According to the Khaleej Times, Emirati real estate company Damac Properties said on Wednesday that it is introducing Bitcoin and Ethereum, the two most popular cryptocurrencies, as new payment alternatives.
Damac’s general manager, Ali Sajwani, says the Dubai-based firm has embraced cryptocurrency as part of its digital transformation efforts. Furthermore, the corporation will invest approximately 367 million UAE dirhams ($100 million) in its new Metaverse project, which aims to create virtual cities.
Damac was created in 2002 and has operations in a number of countries, including the United Kingdom, Qatar, Saudi Arabia, and Oman. Last year, the company made 3 billion UAE dirhams ($816.8 million) in revenue, but it is still struggling to break even.
Maple Invest Co Limited, owned by Dubai billionaire Hussain Sajwani, bought it in November. Following regulatory permission, it was turned over to a private company last month. The company’s bottom line could be saved by diversifying into digital property.
Due to a specialised regulatory regime, Dubai is quickly becoming one of the world’s top bitcoin centres.
Read more: Real estate investment interests soar 400% with people using crypto for payments
