Damac Homes, a leading real estate developer located in Dubai, United Arab Emirates (UAE), said on Wednesday that it will offer properties using Bitcoin and Ether.
The Dubai-based company claims that allowing crypto-based property transactions will revolutionise the future of real estate. Damac Group is the parent business of Damac Properties, de-Grisogono, and Roberto Cavalli, all of which are worldwide property development firms. Ali Sajwani, Damac General Manager, will lead the organisation, which will be known as D-Labs. To enable Dubai to become a regional crypto powerhouse, the Emirate has been encouraging virtual assets with crypto-friendly policies.
Dubai implemented legislation in March that aided the region’s efforts to recruit global crypto companies. Binance, the world’s largest cryptocurrency exchange, and FTX, the world’s largest fiat currency exchange, have announced a partnership.