DAMAC Properties, a multibillion-dollar real estate developer located in Dubai, has begun taking Bitcoin (BTC) and Ether (ETH) payments for its high-end properties.
DAMAC Properties was founded in 2002 by way of colorful millionaire Hussain Sajwani, and the company has conducted business in the Middle East, Canada, and the United Kingdom. She also owns the high-end fashion and jewelry brands Roberto Cavalli and De-Grisgono.
Sajwani is known for lavish marketing campaigns that include giving out free Lamborghinis to potential investors. In 2013, he partnered with Donald Trump to create several Trump-branded golfing guides in Dubai.
The $2.1 billion company may potentially use cryptocurrency as a way to boost interest following a string of poor years. DAMAC forecasted $816 million in online sales in 2021, but a $144.6 million loss on average because of the global pandemic. The company had also lost $176 million the previous year. According to the April 27 release, the business may make it easier for the service provider to convert to fiat if necessary, in addition to taking invoices in BTC and ETH. DAMAC General Manager Ali Sajwani stated that the company will give special attention to the advancement of bitcoin technology.
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