Luxury property developer DAMAC Properties has started accepting real estate payments in BTC or ETH as part of the firm’s growing focus on the crypto sector.
posted net revenues of $816 million in 2021, but overall saw a net loss of $144.6 million amid a year plagued by the global pandemic. The year prior the firm’s losses also tallied $176 million.
According to an April 27 announcement, alongside accepting payments in BTC and ETH, the firm will also facilitate the conversion to fiat for the seller if needed. DAMAC’s general manager of operations Ali Sajwani noted that the firm is paying particular focus to evolving technology such as crypto: “It is crucial for global businesses like ours to stay at the top of evolution. Offering yet another transactional mode is exciting, and we are glad to recognize the value this technology brings to our customers.”
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