Fun

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

News Feed - 2022-06-04 03:06:29

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


According to an executive with the Dubai-based DAMAC Properties, the real estate development “company has already succeeded in concluding real estate deals worth $50 million via cryptocurrencies since the beginning of this year.” The executive, however, says his company is facing challenges convincing the older generation 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.


In his remarks 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 in order for it to “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 is able to eliminate the price fluctuation risk. A different report has identified the regulated intermediary used by DAMAC Properties as Havyn digital asset exchange.


Impediments to Accessing the Metaverse


Meanwhile, in the same interview, the COO spoke of the challenges or impediments that his company faces when it comes to accessing the metaverse. According to Sajwani, one of the hurdles facing proponents of emerging technologies include “convincing the old generation of decision-makers to take quick and proactive steps to invest in this new and unfamiliar world.”


Also, since the metaverse, NFTs, and cryptocurrencies are still fairly new, prospective users need to become acquainted with these first. According to the COO, this means decision-makers will have to do an in-depth survey or research before they can start investing. Tags in this story Abu Dhabi Global Market, Ali Sajwani, Bitcoin, crypto real estate, Cryptocurrency, DAMAC Properties, Ethereum, financial intermediation, Havyn, NFTs


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Caribbean Islands, Dubai, Mumbai — Bitcoin Cash Adoption Continues to Swell Worldwide FEATURED | 9 hours ago Report: 42.9% of Turks View Gold as Best Form of Investment, Only 1.9% Would Invest in Crypto FEATURED | 5 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRBI Official: Central Bank Digital Currencies Could Kill Cryptocurrencies Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method

News Feed

Biggest Movers: SOL, SHIB Remain Near Multi-Month Highs, Despite Market Consolidation
Biggest Movers: SOL, SHIB Remain Near Multi-Month Highs, Despite Market Consolidation Solana started the week trading near a two-month high, as momentum remained marginally bullish
Gareth Jenkinson12 hours agoExclusive: Hackers selling discounted tokens linked to CoinEx, Stake hacksBlockchain analytics firm Match Systems has contacted an individual who is believed to be selling tokens linked to the
WazirX hacker funnels $149M, Hamster Kombat users face phishing attacks: Finance Redefined
Zoltan Vardai4 hours agoWazirX hacker funnels $149M, Hamster Kombat users face phishing attacks: Finance RedefinedThis week, hackers staged the second-largest crypto hack of 2024, stealing over $230 million, while other
US Court Sentences ICO Fraudster to 6 Months in Jail: Orders the Accused to Pay Over $4 Million in Restitution
US Court Sentences ICO Fraudster to 6 Months in Jail: Orders the Accused to Pay Over $4 Million in Restitution A U.S. court has sentenced Jerry Ji Guo, a residen
$1 Million per BTC in 10 Years: ‘In Terms of Dollars Bitcoin Is Going to Infinity,’ Says Kraken CEO
$1 Million per BTC in 10 Years: "In Terms of Dollars Bitcoin Is Going to Infinity," Says Kraken CEO While bitcoin prices have been coasting along between $46k to
Potential Trump victory and rising global liquidy may benefit crypto, analyst says
Marco Castrovilli7 hours agoPotential Trump victory and rising global liquidy may benefit crypto, analyst saysMacroeconomist Lyn Alden assesses the potential impacts of the 2024 US presidential election outcome on Bitcoi
Multibillion Dollar Fund Manager Ruffer Sees Long Trend of Institutional Bitcoin Adoption
Multibillion Dollar Fund Manager Ruffer Sees Long Trend of Institutional Bitcoin Adoption British investment management firm Ruffer has revealed that its bitcoin
Korean Regulator to Shut Down 11 Cryptocurrency Exchanges Ahead of Regulatory Deadline
Korean Regulator to Shut Down 11 Cryptocurrency Exchanges Ahead of Regulatory Deadline South Korea’s top financial regulator will shut down 11 cryptocurren
Derek Andersen5 hours agoCrypto Stories: eToro co-founder Yoni Assia’s life in finance led him to adopt crypto earlyYoni Assia wanted to make trading accessible to “normal” people, and Vitalik Buterin helped him de
Cardano Market Structure Says Crash Is Coming, But $0.9 Is Still In The Cards
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Zhiyuan Sun12 hours agoHTX’s Justin Sun claims record profits despite staff cutsThe blockchain personality claims that his exchange recorded a profit of $98 million in Q3 2023.1476 Total views16 Total sharesListen to a
Proposed Crypto Mining Ban in Norway Fails to Gain Support in Parliament
Proposed Crypto Mining Ban in Norway Fails to Gain Support in Parliament A push to prohibit the energy-intensive proof-of-work mining of cryptocurrencies in Norway has been rejecte