Emaar Properties, the world’s biggest property company outside China, is now accepting payments in virtual currencies. According to a recent article released by Micky, users can now purchase properties using Bitcoin (BTC) and Ethereum (ETH). These are the two largest cryptocurrencies operating in the market.
Emaar Properties Starts Accepting Bitcoin from Clients
In a recent email that was leaked on Twitter, the Dubai-based company said that it will be now accepting virtual currencies as a means of payment. The company has handed over more than 51,800 residential units around the world. More than 29,800 are currently being developed as well in the United Arab Emirates (UAE).
The official email reads as follows:
“We are pleased to announce now that all customers will be able to buy Emaar Properties using digital currencies (Bitcoin and Ethereum). The transaction will happen through one of the biggest brokers of digital currencies in the world “Bitcoin Suisse” who are regulated and based in Switzerland.”
This shows that virtual currencies continue to expand all over the world, even during a bear market. Bitcoin and other digital assets fell more than 80% during the last year. Most of them were able to reach new lows in more than a year. However, now they are starting to recover part of the price they lost.
Emaar Properties is a very important company that works in the real estate market. The firm was able to record around $7 billion in revenue just in 2018. If just a small part of their transactions are processed using virtual currencies that would be very positive for the market.
This is not the first time that there is a real estate company working with or accepting Bitcoin as a means of payment. Bitcoin has entered the real estate market in California, Australia, New Zealand, Argentina and Italy, among other countries. As we wrote at UseTheBitcoin, Redfin real estate brokerage, more than 75 properties in Florida and California have been sold using Bitcoin.
As reported by Market4Cast, the first real estate purchased in Bitcoin was in Texas. However, the amount paid was not disclosed.
At the time of writing this article, Bitcoin is the largest crypto in the market. It registered a market capitalization of $70 billion and each coin can be purchased for $3,988. In the future, more firms could start accepting virtual currencies for properties.