JAKARTA – Slowly but surely, the adoption of cryptocurrencies by a number of companies is increasing. Recently, real estate developer from Dubai, DAMAC Properties, reportedly allowed customers to buy properties using Bitcoin (BTC) and Ethereum (ETH) cryptocurrencies.
For your information, DAMAC Properties was founded by billionaire Hussain Sajwani in 2002, and the company has conducted business throughout the Middle East, Canada and the UK. The company also owns high-end fashion and jewelry brands Roberto Cavalli and De-Grisgono.
Reporting from Cointelegraph, Sajwani is known for marketing tactics that are considered wasteful, such as giving away Lamborghinis for free to property buyers. He also teamed up with Donald Trump in 2013 to launch several Trump-branded golf courses in Dubai.
The company, which is valued at around $2.1 billion, may see crypto as a way to grab people's attention after several disappointing years due to the pandemic. DAMAC reportedly posted net revenue of US$816 million in 2021, but overall saw a net loss of US$144.6 million in the midst of a year hit by the global pandemic. The previous year the company's loss also reached 176 million US dollars.
According to the April 27 announcement, apart from accepting payments in BTC and ETH, the company will also facilitate conversion to fiat for sellers if needed. DAMAC's general manager of operations, Ali Sajwani, noted that the company is giving a particular focus to developing technologies such as cryptocurrencies.
“It's important for a global business like ours to stay on top of its evolution. Offering other transaction modes is exciting, and we are pleased to know the value this technology brings to our customers.”
DAMAC also highlighted that Dubai is “becoming a crypto hub” thanks to crypto-friendly regulations and virtual asset licensing, with top exchanges such as Bybit, Binance and Europe's FTX all recently setting up companies there. Kraken also obtained a license earlier this week.
The company noted that it is interested in “pushing” Dubai's ambitions by launching further crypto initiatives. Sajwani also noted in February that the company had ambitious plans to launch the NFT platform-backed Metaverse.
Going forward, DAMAC will bring all platforms under the company's auspices including real estate, jewelry and fashion, into its metaverse. However, the exact time of the launch of the metaverse is not yet known.
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