UAE DAMAC sells 50 million USD worth of properties via cryptocurrencies

 

Ali Sajwani Chief Operating Officer of DAMAC Group told al Roeya media outlet in an interview that UAE DAMAC Properties sold 50 million USD worth of properties in crypto since the beginning of 2022.

As he explained, “DAMAC started accepting crypto as part of our efforts to enhance our service offering in the digital economy. We want to make it easier for those dealing in crypto such as Bitcoin and Ethereum to purchase properties and pay using both these cryptocurrencies. We have succeeded in selling 50 million USD worth of properties via cryptocurrencies since the beginning of 2022.

Payments happen through a third party regulated by Abu Dhabi global market authority, Havyn digital asset exchange. Clients purchase through Havyn and then Havyn transfers the amount to DAMAC’s digital wallet either in USD OR AED as per the exchange rate of Bitcoin or Ethereum at that time. So we don’t take any risk.”

He also sheds light on DAMAC’s metaverse strategy. As he explains the strategy is divided into three phases. The first phase will focus on the properties currently owned by DAMAC which will be on the metaverse by end of 2022. Then in early 2023 DAMAC will move to the second phase with virtual assets that DAMAC aims to build in the DAMAC metaverse and the phase 3 where the company will bridge between the physical and virtual realm allowing DAMAC clients to invest in virtual properties in the DAMAC Metaverse which will include a cohesive environment for communication and entertainment.

He explains, “DAMAC is foraying and investing to widen the scope of its offering to meet the needs of those who are interested in digital assets, starting from virtual homes, properties, even digital wearables and digital jewelry

The market size of the metaverse will be anywhere between 8 to 12 trillion USD by 2030 attracting 5 billion users.

Already DAMAC has announced that it will be investing 100 million USD in the metaverse through DLabs.