Dubai-based DAMAC Properties Completes Deals Worth 50 Million USD via Crypto
An executive with the Dubai-based DAMAC Properties, the real estate development “company has already succeeded in concluding real estate deals worth 50 million USD via cryptocurrencies since the beginning of this year.” However, the executive explained that his company is facing challenges convincing the older generation of decision-makers to buy into the metaverse, non-fungible tokens, and cryptocurrencies.
Using a Trusted Intermediary
The Dubai-based real estate developer, DAMAC Properties, has since the beginning of the year completed cryptocurrency deals worth $50 million, the company’s chief operating officer (COO) Ali Sajwani has said.
During an interview, the COO said by accepting either bitcoin or Ethereum as payment, DAMAC has shown the extent to which his company will go “benefit from the most advanced technology solutions.”
When asked about the payment mechanism that was used to conclude the real estate deals, the COO said a trusted intermediary had been chosen to facilitate the transactions. He said:
"The payment process is made through a trusted financial intermediary approved by the Abu Dhabi Global Market, the ‘Heaven’ company, where the customer pays the value of the property in bitcoin or Ethereum, as they are among the most traded digital currencies in terms of safety and trust, and then the financial intermediary transfers the amount to our digital wallet in dirhams or dollars."
Sajwani added that his company’s use of a trusted financial intermediary means DAMAC Properties can eliminate the price fluctuation risk. Another report has identified the regulated intermediary used by DAMAC Properties as Havyn Digital Asset Exchange.
Barriers to Accessing the Metaverse
In the same interview, the COO spoke of the challenges or limitations that his company faces when it comes to accessing the metaverse. Sajwani said one of the hurdles facing proponents of emerging technologies includes “convincing the old generation of decision-makers to take quick and proactive steps to invest in this new and unfamiliar world.”
Since the metaverse, NFTs, and cryptocurrencies are still fairly new, prospective users have to be informed about them. The COO said decision-makers will have to do an in-depth survey or research before they can start investing.
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