Dubai Property Developer Completes Real Estate Deals Worth $50M via Crypto – Featured Bitcoin News

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.

Use 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.”

The COO answered a question about the payment method used for closing real estate transactions. He said that he had chosen a trustworthy intermediary to facilitate these transactions. He stated:

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. Havyn, the digital asset exchange that DAMAC Properties uses as a regulated intermediary has been identified in a different report.

There are many obstacles to accessing and using the Metaverse

In the interview, the COO also spoke about the obstacles or challenges his company has to overcome when trying to reach 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.”

Potential users must also become familiar with cryptocurrencies, NFTs, the metaverse and NFTs because they are all still relatively new. The COO stated that decision makers will need to conduct extensive research or surveys before investing.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.