Dubai’s leading luxury real estate developer DAMAC Properties announced that it will accept payments in bitcoin and ethereum, converting them into fiat currency.
The decision was made to provide innovative services to its clients, according to a company press release.
DAMAC CEO and head of the company’s digital transformation initiatives Ali Sajwani commented:
“DAMAC Properties has always been at the forefront of innovation, from building luxury homes to unique details.
This move towards cryptocurrency clients is one of our initiatives aimed at developing a new economy for new generations.
The United Arab Emirates’ (UAE) drive to embrace cryptotechnology has attracted the attention of major corporations. After the government’s decision to grant licenses for virtual assets, major cryptocurrency exchanges, such as Binance, started operating in the UAE.