Cryptocurrency exchange Huobi has signed a cooperation agreement with real estate company in the United Arab Emirates (UAE), to provide investors with the ability to pay in the cryptocurrency.
Singapore crypto-exchange and FAM Properties Dubai signed a cooperation agreement. Soon, real estate investors will be able to pay for purchases in cryptocurrencies, this is stated in the publication AMEinfo.com from January 12.
Cryptocurrency will be used to provide greater stability and liquidity in the property market.
In particular, the partnership allows FAM Properties to accept payments in cryptocurrencies such as bitcoin (BTC), Ether (ETH), XRP and other cryptocurrency with large capitalization, including stabilini, the report said. The goal of cooperation to provide greater stability and liquidity in the property market.
Moreover, the partnership will facilitate investments in the UAE, and will also give the market greater value, in the opinion of the Director General Fäm Properties of Feras al Maddy (Feras Al Msaddi):
“This partnership will provide our customers with a vast ability and ease of investing in the best properties in UAE. The cryptocurrency becoming increasingly popular payment method worldwide, and this additional choice will increase the number of our real estate transactions and bring more value to the real estate market.”
Huobi will convert cryptocurrency into Fiat for Fäm Properties
Having a license from the Dubai Multi Commodities Centre (DMCC), the provider’s infrastructure for the expansion of trade in Dubai, Huobi will ensure the legal side of customer transactions.
Mojito Davar (Mohit Davar), co-founder of Huobi OTC in DMCC, said that the company will provide the liquidity and resources to facilitate virtual cash payments to clients. In an interview with Zawya.com focused on the middle East, Davar explained that the exchange will simplify cryptocurrency transactions, converting them to Fiat:
“If someone wants to buy a property and to use cryptocurrencies as a payment currency, then we will help to facilitate this transaction: sell their cryptocurrencies and will make payment in Fiat currency.”
According to AMEinfo, the OTC division Huobi supports Fiat currencies, including UAE dirhams, US dollars, Euro and British pounds.
Meanwhile, the real estate market in the UAE is actively using new technologies such as the blockchain and its associated digital assets. In October 2019 Emaar Properties, the real estate giant from Dubai, the company that built the tallest building in the world Burj Khalifa (Burj Khalifa), released a new platform for referrals and loyalty based on the blockchain tokens. The company has previously announced its intention to launch a token and an initial offer of coins in Europe.