ICYMI: Bitcoin and Ethereum have been added as new payment options by the Dubai-based real estate giant $BTC $ETH cryptoadoption
Ali Sajwani, general manager at Damac, says that the Dubai-based company has embraced crypto as part of its digital transformation effort.project that aspires to build virtual cities.
Damac, which was founded back in 2002, has a presence in a slew of countries, including the U.K., Qatar, Saudi Arabia and Oman. The company posted 3 billion UAE dirhams in revenues last year, but it continues to struggle to achieve profitability. In November, it was acquired by Dubai-based billionaire Hussain Sajwani's Maple Invest Co Limited. Last month, it was converted to a private firm following regulatory approval. Branching out into digital property could potentially save the company's bottom line.Dubai is swiftly turning into one of the world's top cryptocurrency hubs because of a tailored regulatory regime.
, the world's largest cryptocurrency exchange, recently opened more than 100 jobs in the UAE after acquiring a highly coveted virtual currency license.Dubai's crypto charm offensive comes amid increasing scrutiny from international watchdogs. Financial Action Task Force , a Paris-based intergovernmental organization designed to combat money laundering, the UAE was put on the"grey" list due to"strategic deficiencies" in combating strategic cash flows.
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