According to the news of Khaleej Times, Damac Properties, a real estate house based in the United Arab Emirates, announced today that the two largest companies in the world cryptocurrency the one which… bitcoin and Ethereum announced that it will start accepting payments with
Ali Sajwani, managing director of Damac, said that the Dubai-based company has embraced cryptocurrencies as part of the digital transformation movement.
Announcing that it will accept Bitcoin and Ethereum, the company will also invest $ 100 million in Metaverse
In addition, it has been learned that the company will invest approximately 367 million UAE dirhams ($ 100 million) in the Metaverse project, which aims to build virtual cities.
Damac, a real estate company founded in 2002, is represented in many countries including the United Kingdom, Qatar, Saudi Arabia and Oman. Last year, the company had revenue of 3 billion UAE dirhams ($816.8 million). However, the company is still struggling to make a profit.
The company was acquired by Dubai-based billionaire Hussain Sajwani’s Maple Invest Co Limited in November. Last week, Damac was transformed into a private company with the approval of the authorities. With its entry into the digital property business, the company may perhaps be able to maintain its profitability.
Dubai To Become A Cryptocurrency Hub
With the compliance of the regulators, Dubai has started to become one of the largest cryptocurrency centers in the world.
Binance, the world’s largest cryptocurrency exchange by volume, recently opened more than 100 job vacancies after obtaining a critical virtual currency license in the country.
In addition, FTX and other major cryptocurrency exchanges have also decided to join the competition in the Gulf country.
*Not investment advice.