A real estate developer in Dubai has finalized a
$50 million deal using cryptocurrency
According to a spokesman for DAMAC Properties in Dubai, the real estate development firm "had already completed real estate agreements worth $50 million via cryptocurrency since the beginning of this year." However, the executive claims that his organization is having trouble persuading elder decision-makers to invest in the metaverse, non-fungible tokens, and cryptocurrencies.
DAMAC Properties, a Dubai-based real estate developer, has conducted cryptocurrency agreements worth $50 million since the beginning of the year, according to the company's chief operating officer (COO) Ali Sajwani.
DAMAC has demonstrated the length to which it will go to "profit from the most sophisticated technology solutions" by taking bitcoin or ethereum as payment, according to the COO during an interview.
When queried about the payment method utilized to complete the real estate purchases, the COO stated that a trustworthy middleman was hired to arrange the transactions. He said:
"The payment process is made through a reliable financial intermediary endorsed by the Abu Dhabi Global Market, the 'Heaven' company, where the buyer makes the value of the property in bitcoin or ethereum, as they are among the most traded digital currencies in terms of safety and confidence, and then the financial intermediary transfer the amount to our digital wallet in dirhams or dollars."
DAMAC Properties is able to reduce the price volatility risk by using a reliable financial intermediary, according to Sajwani. Havyn a digital asset exchange was identified as the authorized intermediary used by DAMAC Properties in a different report.
Meanwhile, the COO discussed the obstacles or impediments that his organization encounters when it comes to entering the metaverse in the same interview. According to Sajwani "Trying to convince the old generation of decision-makers to take swift and proactive steps to invest in this new and foreign world," is one of the challenges facing proponents of emerging technology.
In addition, because the metaverse, NFTs, and cryptocurrencies are still relatively new, prospective users should familiarise themselves with them first. According to the COO, this means that before investing, decision-makers would need to do an in-depth survey or investigation.
