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

In keeping with an government with the Dubai-based DAMAC Properties, the true property growth “firm has already succeeded in concluding actual property offers price $50 million by way of cryptocurrencies for the reason that starting of this 12 months.” The manager, nevertheless, says his firm is dealing with challenges convincing the older era decision-makers to purchase into the metaverse, non-fungible tokens, and cryptocurrencies.

Utilizing a Trusted Middleman

The Dubai-based actual property developer, DAMAC Properties, has for the reason that starting of the 12 months accomplished cryptocurrency offers price $50 million, the corporate’s chief working officer (COO) Ali Sajwani has stated.

In his remarks throughout an interview, the COO stated by accepting both bitcoin or ethereum as fee, DAMAC has proven the extent to which his firm will go to ensure that it to “profit from essentially the most superior expertise options.”

When requested concerning the fee mechanism that was used to conclude the true property offers, the COO stated a trusted middleman had been chosen to facilitate the transactions. He stated:

The fee course of is made by means of a trusted monetary middleman authorized by the Abu Dhabi International Market, the ‘Heaven’ firm, the place the client pays the worth of the property in bitcoin or ethereum, as they’re among the many most traded digital currencies by way of security and belief, after which the monetary middleman transfers the quantity to our digital pockets in dirhams or {dollars}.

Sajwani added that his firm’s use of a trusted monetary middleman means DAMAC Properties is ready to remove the value fluctuation threat. A unique report has recognized the regulated middleman utilized by DAMAC Properties as Havyn digital asset trade.

Impediments to Accessing the Metaverse

In the meantime, in the identical interview, the COO spoke of the challenges or impediments that his firm faces relating to accessing the metaverse. In keeping with Sajwani, one of many hurdles dealing with proponents of rising applied sciences embrace “convincing the outdated era of decision-makers to take fast and proactive steps to speculate on this new and unfamiliar world.”

Additionally, for the reason that metaverse, NFTs, and cryptocurrencies are nonetheless pretty new, potential customers must develop into acquainted with these first. In keeping with the COO, this implies decision-makers should do an in-depth survey or analysis earlier than they’ll begin investing.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and author. He has written extensively concerning the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

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