Big name cryptocurrency exchange Huobi will be partnering with a real estate firm in the United Arab Emirates (UAE) to allow real estate investors to pay in cryptocurrencies. The major exchange out of Singapore has partnered with fäm Properties- a tech-driven real estate firm from Dubai to offer crypto options for its real estate investors, according to a UAE-based business publication AMEinfo.com.
The just sealed partnership will enable fäm Properties receive payment in Bitcoin, Ether, XRP, and other major cryptos which include stablecoins. This arrangement will purportedly enable more stability and liquidity in the real estate market. Fäm Properties CEO Feras Al Msaddi; said that the partnership would work to simplify investing in the UAE which is always a positive. He was also of the opinion that the collaboration would provide the market with more value.
“This partnership will provide our clients immense opportunity and the ease of investing in prime locations in the UAE. Cryptocurrencies are becoming an increasingly popular payment method all over the world, and this added choice will increase our property transactions and bring more value to the real estate market here.”
Having gotten the green light from the Dubai Multi Commodities Centre (DMCC) which is an infrastructure provider for commodities trading in the country, Huobi will ensure that all fäm clients’ transactions are legally compliant. Mohit Davar, a co-founder Huobi OTC at DMCC, said that the firm will provide fäm Properties with the liquidity they need to facilitate virtual money payments for customers. In an interview with popular middle-east publication Zawya.com, the Huobi co-founder said that the exchange would facilitate crypto to fiat transactions;
“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.”
AMEinfo has it that Huobi’s OTC desk supports fiat currencies like the UAE Dirham, the US dollar, the Euro, and the British pound. The agreement between fäm Properties and Huobi is perhaps not a surprise to those in the UAE real estate sector. This is because the sector has grown increasingly friendly to Blockchain and its associated digital assets. Just recently, Dubai’s Emaar properties- responsible for developing the world’s tallest building- announced its new Blockchain token-based referral and loyalty platform.
