- A real estate developer based in Dubai, DAMAC Properties has completed deals worth $50 million, disclosed chief operating officer (COO) at the company, Ali Sajwani, during an interview.
- The COO also revealed that a trusted intermediary is selected to execute the transaction when asked about the payment method that was used to finalize the real estate deals.
- Sajwani further explained that his company’s use of a trusted financial intermediary means DAMAC Properties will be able to scoop out the risk of price fluctuation.
DAMAC Properties, a real estate developer based in Dubai, has done deals worth $50 million, reveals Ali Sajwani, chief operating officer (COO) at the company.
The COO, during an interview, DAMAC, by accepting Bitcoin or Ethereum as payment, has demonstrated how far his company can go to “benefit from the most advanced technology solutions.”
The COO also revealed that a trusted intermediary is selected to process the transaction on being asked about the payment mechanism that was used to finalize the real estate deals.
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 the financial intermediary then transfers the amount to our digital wallet in dirhams or dollars, as approved by the Abu Dhabi Global Market, the ‘Heaven’ company.
Sajwani further explained that his firm’s use of a trusted financial intermediary means DAMAC Properties is able to eradicate the risk of price fluctuation. Another report has also mentioned the regulated intermediary that DAMAC Properties used as Havyn digital asset exchange.
Meanwhile, the COO discussed the obstacles or impediments that his organization encounters when it comes to entering the metaverse in the same interview. “Convincing the old generation of decision-makers to take swift and proactive steps to invest in this new and foreign world,” according to Sajwani, is one of the challenges facing proponents of emerging technology.
Besides, Prospective first need to get acquainted first with the metaverse, NFTs, and cryptocurrencies as they are still fairly new. The COO explained that means decision-makers will have to perform an in-depth survey or research before they can start investing.
Source: https://www.thecoinrepublic.com/2022/06/05/dubai-based-real-estate-developer-damac-complete-deals-worth-50-million/