Dubai-based Binghatti company Developers announced selling real estate for cryptocurrency, becoming the second developer in the UAE to accept digital payments this year. The company plans to protect its customers from market volatility through an especial payment process.
Eng. Muhammad Binghatti, CEO of Binghatti Developers, told Khaleej Times in an interview:
“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.”
In his words, the company will protect its customers through a specific payment process where they will not be exposed to market volatility.
He explained that a payment link will be sent to customers, updating every ten seconds. Thus, when the customers will pay in cryptos, the funds will be transferred immediately to the Binghatti account in fiat currency. Binghatti added that his company has no plans to hold crypto.
Since its inception in the UAE, Binghatti Developers has built above 5,000 units.
“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 said.
He added that Dubai’s property market is trending upward and he expects this positive trend to continue.
Earlier, Binghatti Developers signed an agreement with Emirates Islamic Bank to facilitate mortgages at attractive rates to its customers. Binghatti’s CEO emphasized that the agreement with the Shariah-compliant bank will boost sales and diversify payment options for investors with the best terms.
Lately, the adoption of cryptocurrencies in the UAE is growing at an exponential pace. Technological innovations in digital assets, blockchain, and NFTs are expected to transform the real estate sector in the MENA region making them more liquid, digital, and accessible for people who are unable to access them due to high capital costs, complicated transaction processes, and restricted deals.
This April, Dubai’s largest private developer, Damac Properties, had also announced that it would sell property against cryptocurrencies Bitcoin and Ethereum.