Dubai-based Binghatti Developers will sell properties against cryptocurrencies, becoming the second developer in the emirate to accept this new form of payment this year.
“We are going to accept cryptocurrencies — Bitcoin and Ethereum — either this week or the next for both existing and upcoming projects. We are starting with these two cryptos because these are the most widely accepted and we’ll see later whether to expand and add more cryptos,” said Eng. Muhammad Binghatti, CEO of Binghatti Developers.
He said the company will protect its customers through a specific payment process where they will not be exposed to market volatility.
He added a payment link will be sent to customers which will be updated after every ten seconds. Therefore, when the customers will pay in cryptos, the funds will be transferred immediately to the Binghatti account in fiat currency.
Binghatti said the company has no plans to hold cryptos.
In April 2022, Damac Properties, the largest private developer in Dubai, had also announced that it would sell property against cryptocurrencies Bitcoin and Ethereum.
The adoption of cryptocurrencies is increasing at an exponential pace in the UAE. Recently, the Dubai-based café Bake N More and delivery startup YallaMarket also announced that would accept cryptocurrencies as a mode of payment.
Binghatti Developers has delivered around 5,000 units since its inception in the UAE.
“We are planning to launch 12 projects and deliver around 3,000 units — mostly residential — in the next 12 to 15 months. We are also in the process of delivering 1,500 units,” Binghatti told Khaleej Times in an interview.
He added that Dubai’s property market is trending upward and he expects this positive trend to continue.
Binghatti Developers also signed an agreement with Emirates Islamic Bank to facilitate mortgages at attractive rates to its customers.
He stressed that the agreement with the Shariah-compliant bank will boost sales and diversify payment options for investors with the best terms.
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