The Singapore head quartered cryptocurrency exchange has inked a deal with fäm Properties, a tech led real estate firm, headquartered in Dubai, to provide choice of crypto payments for investors active in real estate, as per report published by the UAE headquartered media outlet AMEinfo.com.
In particular, the collaboration paves way for fäm Properties to receive payment in cryptos such as Ether (ETH), Bitcoin (BTC), XRP and even some of the stablecoins. The partnership intends to make the real estate market stable and liquid.
Furthermore, the collaboration will make it easy to invest in the UAE and also add value to the market, as per Feras Al Msaddi, CEO fäm Properties:
“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.”
With license from the Dubai Multi Commodities Centre (DMCC), an organization offering infrastructure for carrying out commodity trading activities in Dubai, Huobi will guarantee that fäm’s customers trades are legally valid.
Co-founder of Huobi OTC, Mohit Davar, stated that the company will offer adequate liquidity to fäm and necessary resources to support digital currency payments by clients. While speaking to Middle-East centered publication Zawya.com, Davar pointed out that the exchange will support 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.”
As per AMEinfo, Huobi’s OTC desk accepts fiat money such as US dollars, UAE dirhams, British pounds and the euros. In the meantime, the real estate market in the UAE has been proactively adopting path breaking technologies such as blockchain and related digital currencies.
In October last year, Emaar Properties, the Dubai headquartered real estate company that built the world’s tallest tower, Burj Khalifa, unveiled its blockchain token based loyalty and referral scheme. Earlier, the company stated that it plans to roll out a token and conduct an initial coin offering in Europe.