2 years ago
“Offering yet different transactional mode is exciting, and we are gladsome to admit the worth this exertion brings to our customers,” said DAMAC Properties’ wide manager of operations Ali Sajwani
Multi-billion dollar Dubai-based existent property developer DAMAC Properties has started accepting Bitcoin (BTC) and Ether (ETH) payments for its luxury abodes.
DAMAC Properties was founded by colorful billionaire Hussain Sajwani successful 2002, and the steadfast has conducted concern passim the mediate east, Canada and the U.K. It besides owns high-end manner and jewelry brands Roberto Cavalli and De-Grisgono.
Sajwani is known for extravagant selling tactics specified arsenic giving distant escaped Lamborghinis to spot buyers. He besides teamed up with Donald Trump successful 2013 to motorboat aggregate Trump-branded play courses successful Dubai.
The firm, valued astatine astir $2.1 billion, whitethorn beryllium looking astatine crypto arsenic a mode to pull immoderate attraction aft a mates of underwhelming years. DAMAC reportedly posted nett revenues of $816 cardinal successful 2021, but wide saw a nett nonaccomplishment of $144.6 cardinal amid a twelvemonth plagued by the planetary pandemic. The twelvemonth anterior the firm’s losses besides tallied $176 million.
According to an April 27 announcement, alongside accepting payments successful BTC and ETH, the steadfast volition besides facilitate the conversion to fiat for the seller if needed. DAMAC’s wide manager of operations Ali Sajwani noted that the steadfast is paying peculiar absorption to evolving exertion specified arsenic crypto:
“It is important for planetary businesses similar ours to enactment astatine the apical of evolution. Offering yet different transactional mode is exciting, and we are gladsome to admit the worth this exertion brings to our customers.”DAMAC besides highlighted that Dubai is “becoming a crypto hub” acknowledgment to the government’s crypto-friendly regulations and virtual plus licenses, with apical exchanges specified arsenic Bybit, Binance and FTX Europe each precocious setting up store there. Kraken also obtained a license earlier this week.
The steadfast noted that it is keen connected “fueling” Dubai’s ambitions by rolling retired further crypto initiatives.
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Sajwani besides noted successful February that the institution holds ambitious plans to motorboat its ain NFT-backed Metaverse platform.
“So, portion astir usage the word Metaverse loosely we deliberation it is overmuch much and we person travel up with a solution wherever we span the carnal and integer assets to let for cross-utilization.”“We person formulated a solution to integrate the antithetic platforms nether DAMAC, whether existent estate, fashion, jewelry bringing each onto the metaverse,” helium added.
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