Fäm Properties, based in Dubai, recently collaborated with Huobi to enable the firm to receive crypto payments via a payment gateway. The company, which focuses a great deal on technology-based solutions, will allow clients to buy property using Ethereum and BTC as well as other crypto coins. These payments will be received with the help of a payment gateway created by Huobi. The firm believes that this partnership will help to improve liquidity in the real estate market of Dubai.
Growing Popularity of Crypto
According to the CEO of fäm properties, Fera Al Msaddi, crypto popularity was growing globally, especially in the top cities around the world. He added that by adding the option to buy a property with the use of crypto, it would help to grow their transaction volumes as well as add value to Dubai’s property market. Besides that, the CEO said this would make it easier for their clients to purchase properties in prime locations throughout the UAE.
Huobi has offices in the UAE, Japan, the US, and Hong Kong. The exchange is based in Singapore. According to an official from Huobi, they have the resources and liquidity to enable crypto payments for property purchases in the UAE. According to him, the person buying property will make payments, which Huobi will convert into fiat currencies and send to fäm properties. Consequently, fäm properties will not be directly handling any crypto.
Dubai has one of the hottest property markets in the world. The real estate market of the UAE is estimated to be worth around $132.5 billion. This is not the first real estate firm to crypto payments. Another firm called Ellington Properties began accepting crypto payments in 2019.
Maturing Crypto Market
Collaborations between crypto companies and the real estate market are a sign that the crypto market is maturing. This will no doubt ensure that crypto continues to play an increasing role in the world economy. It could help to boost the image of crypto amongst regulators, which will help to ensure they create laws that are favorable to crypto.