Dubai property firm partners with Huobi to accept cryptocurrency payments

Huobi to facilitate payments in Bitcoin, Ethereum, other currencies

  
Image used for illustrative purpose

Image used for illustrative purpose

Getty Images

Fäm Properties has tied up with a digital assets trading provider to facilitate cryptocurrency transactions of investors looking to acquire and sell real estate in the UAE.

The brokerage firm has commissioned Huobi OTC at Dubai Multi-Commodities Centre which is part of Huobi Group, a Singapore-based company to offer secure options for real estate investors who want to use virtual money, such as Bitcoin, Ethereum, Ripple and other top cryptocurrencies including stable coins, when investing in the UAE.

The new partnership will provide clients “ease of investing” in prime locations in the UAE, the property firm said in a statement.  

The Singapore-based cryptocurrency exchange, which has offices in Hong Kong, Japan, United States, as well as in Dubai, can also support payments in UAE dirhams, US dollars, euros and GBP pounds.

“Cryptocurrencies are becoming an increasingly popular payment method, across all world-class cities, and this added choice will increase our property transactions and bring more value to the real estate market here,” said Feras Al Msaddi, CEO of fäm Properties.

Cryptocurrencies are increasingly becoming a payment of choice for many investors worldwide.

Mohit Davar, a co-founder of Huobi OTC at Dubai Multi-Commodities Centre (DMCC), said they have the liquidity and resources to facilitate virtual money payments of customers who want to invest in UAE real estate.

"If someone wants to buy property and use crypto as a payment currency, then we will help facilitate that transaction and sell their cryptocurrency and make the payment to fäm in fiat currency," Davar told Zawya.

Late last year, Ellington Properties said its customers can now acquire properties in Dubai using Bitcoin. The developers of Aston Plaza and Residences in Dubai also reported in 2018 that they managed to sell 50 out of the 1,300 flats in Bitcoin.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.Maceda@refinitiv.com 

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