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.
Using 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.”
When asked about the payment mechanism that was used to conclude the real estate deals, the COO said a trusted intermediary had been chosen to facilitate the transactions. He said:
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. A different report has identified the regulated intermediary used by DAMAC Properties as Havyn digital asset exchange.
Impediments to Accessing the Metaverse
Meanwhile, in the same interview, the COO spoke of the challenges or impediments that his company faces when it comes to accessing the metaverse. According to Sajwani, one of the hurdles facing proponents of emerging…
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