RIYADH: Emirati real estate company Damac Properties, has revealed that as part of its advancement to serve the digital economy it will accept Bitcoin and Ethereum for purchases of its properties, TradeArabia reported.
The decision to facilitate the conversion to fiat — where a currency becomes legal tender — came from the company's vision to leverage technology to provide innovative solutions to customers.
The move is part of DAMAC's efforts to provide various options to real estate investors around the world, the article stated.
“This move towards customers holding cryptocurrency is one of our initiatives at Damac to accelerate the new economy for newer generations, and for the future of our industry,” Ali Sajwani, general manager of operations at Damac said.
Sajwani added: “Offering yet another transactional mode is exciting and we are glad to recognise the value this technology brings to our customers.”