Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto

According to executives at Dubai-based DAMAC Properties, real estate development “The company has already managed to conclude real estate deals worth $50 million via cryptocurrency since the beginning of this year .” However, this executive said his company faces challenges in convincing older generations of decision makers to buy metaverse, non-fundable tokens, and cryptocurrencies.

Use trusted intermediaries

Dubai-based real estate developer DAMAC Properties has completed $50 million worth of cryptocurrency transactions since the beginning of the year, said Ali Sajwani, the company’s chief operating officer.

In remarks at the interviewthe COO said that by accepting Bitcoin and Ethereum as payment, DAMAC has shown how far it will go to “profit from cutting-edge technology solutions.”

When asked about the payment mechanism used to close the real estate transaction, the COO stated that a trusted intermediary was chosen to facilitate the transaction. He stated.

The payment process was conducted through Haven, a trusted financial intermediary approved by Abu Dhabi Global Markets, where clients paid the value of the property in bitcoin or ethereum, one of the most traded digital currencies in terms of safety and reliability, and The financial intermediary transfers the amount in dirhams or dollars to our digital wallet.

Sajwani added that the company’s use of trusted financial intermediaries means that DAMAC Properties can eliminate price volatility risk. Anotherreportidentifies the regulated intermediary used by DAMAC Properties as Havyn Digital Asset Exchange.

Impediments to Accessing the Metaverse {38

Meanwhile, in the same interview, the COO talked about the challenges and obstacles his company faces when it comes to accessing the metaverse. According to Sajwani, one of the hurdles faced by proponents of emerging technologies is “quickly and aggressively convincing older generations of decision makers to invest in this new and unfamiliar world.”

Also, since metaverse, NFTs, and cryptocurrencies are still new, prospective users must first become familiar with them; according to the COO, this means that decision makers need to conduct in-depth research and studies before they start investing.

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