Huobi, the major cryptocurrency exchange, has partnered with a real estate firm in the United Arab Emirates (UAE) to allow real estate investors to pay in cryptocurrencies.
Report: #Huobi #crypto exchange partners with #UAE #RealEstate Firm to allow #property investors to pay in #cryptocurrencies.#home #homes #houses #realtors #land #properties #FinTech #Dubai #realtor #farmland #apartments #MiddleEast #Bitcoin #Ethereumhttps://t.co/QuePf6pyrR — Important Crypto News and Info (@MajorCryptoNews) January 13, 2020
On January 12, it has been reported by AMEinfo.com, the UAE-based business publication, that the exchange has entered a partnership with fäm Properties, a tech-driven real estate agency based in Dubai, to offer crypto payment options for its real estate investors.
However, the report reads that the partnership enables fäm Properties to accept payment in cryptocurrencies like Bitcoin (BTC), Ether (ETH), XRP and other major cryptocurrencies including stablecoins. The cooperation will purportedly enable more stability and liquidity in the real estate market.
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Feras Al Msaddi, the CEO of fäm Properties, said that the partnership will simplify investing in the UAE as well as provide the market with more value.
Msaddi added:
“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.”
It has been analyzed that Huobi will ensure that fäm’s clients’ transactions are legally compliant, as licensed by Dubai Multi Commodities Centre (DMCC), an infrastructure provider for expanding commodities trading in Dubai.
Mohit Davar, the Co-Founder of Huobi OTC at DMCC, said that the firm will provide fäm with liquidity and resources to facilitate virtual money payments for customers. In an interview with Middle East-focused publication Zawya.com, Davar explained that the exchange will facilitate transactions from crypto to fiat.
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He further explained:
“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.”
Thus, in the meantime, the real estate market in the UAE has been actively embracing emerging technologies like blockchain and associated digital assets.
Source: cointelegraph.com