Dubai real estate developer DAMACCC recently completed a $50 million deal, and what is remarkable is that this deal was completed through Bitcoin and Ethereum. This news has attracted widespread attention in the real estate and cryptocurrency fields, not only demonstrating the innovation of Dubai's real estate market, but also highlighting the revolutionary role of blockchain technology in modern business. Let's take a deeper look at the story behind this eye-catching deal.

In the prosperous city of Dubai, DAMACCC, as a leading real estate company, has been committed to leading the trend of industry development. By using Bitcoin and Ethereum, two mainstream cryptocurrencies for transactions, DAMACCC not only improves the efficiency of transactions, but also demonstrates an open attitude towards new technologies. This forward-looking approach not only wins trust for the company, but also sets an innovative example for the entire Dubai real estate market.

As blockchain technology continues to mature and become more popular, more and more industries are beginning to try to apply it to commercial transactions. DAMACCC's choice to use Bitcoin and Ethereum to complete this $50 million transaction not only reflects its trust in blockchain technology, but also demonstrates its forward-looking vision for the future. This move will undoubtedly cause a sensation worldwide, attracting more companies to follow suit and promote the widespread application of blockchain technology in the commercial field.

In this transaction, DAMACCC chose to use Bitcoin and Ethereum, two cryptocurrencies, not only because of their high liquidity and recognition in the market, but more importantly, their security and speed. Through blockchain technology, both parties can achieve real-time settlement, avoiding the cumbersome procedures and intermediate links in traditional financial transactions, greatly simplifying the transaction process, improving efficiency, reducing transaction costs, and benefiting both parties.

This time, DAMACCC chose to use Bitcoin and Ethereum to complete the transaction, which is not only a technical attempt, but also an exploration of future business models. With the continuous development and popularization of blockchain technology, it is believed that in the near future, more companies will choose to use cryptocurrencies for transactions, which will promote the rapid development of global business, promote the transformation and upgrading of traditional industries, and usher in a new era of business.

Dubai real estate developer DAMACCC completed a $50 million transaction through Bitcoin and Ethereum this time, which is not only a successful business transaction, but also a strong confirmation of the future development of blockchain technology. This event will undoubtedly cause a strong response worldwide, stimulate more companies' interest in blockchain technology, promote its widespread application in the business field, and inject new vitality and impetus into future business development. Let us wait and see and witness the brilliant performance of blockchain technology in the business field!

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According to a report by Alroeya, a UAE media outlet, on the 2nd, Damac Properties, the largest real estate developer in Dubai, has completed real estate transactions worth a total of US$50 million through cryptocurrencies this year. It is reported that customers pay with Bitcoin (BTC) or Ethereum (ETH), and approved financial intermediaries transfer the equivalent amount to the company in dirhams (UAE legal currency) or US dollars.

DAMAC actively enters the metaverse

In the report, DAMAC also expressed a strong interest in the metaverse. Since last year, the company has begun to provide homebuyers with a 3D home purchase experience using virtual reality (VR) and AR technology, and said that cryptocurrencies will bring more convenience and options to global real estate developers, and ultimately open up a virtual environment that combines communication, work and entertainment to users.

"We will combine reality and virtuality. DAMAC will eventually allow customers around the world to invest in virtual real estate in its metaverse, which will also be an integrated environment for communication, work and entertainment." 

120BTC.com also reported in mid-January this year that ONE Sotheby's International Realty, a real estate agency in Miami, USA, cooperated with Voxel
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Real virtual mansion in history in The Sandbox. Users will buy real-world mansions at the same time when they buy virtual mansions.

UAE is one of the most cryptocurrency-friendly countries

UAE is one of the most friendly countries for setting up or blockchain technology companies, including () and Bybit, which have recently obtained the principle approval (IPA) of local regulators and can operate as crypto asset broker-dealers.

In July last year, the UAE Central Bank also announced that as one of its seven major development strategies for 2023-2026, it will start developing central bank digital currency (CBDC) and launch it before 2026.