Major cryptocurrency exchange Huobi has partnered with a real estate firm in the United Arab Emirates to allow real estate investors to pay in cryptocurrencies.
The Singapore-based crypto 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, UAE-based business publication AMEinfo.com reports Jan. 12.Crypto to enable more stability and liquidity in the real estate market.
The cooperation will purportedly enable more stability and liquidity in the real estate market.
"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."
Cointelegraph contacted fäm Properties to learn about the firm's plans to tackle the volatility associated with crypto markets but has not received a response at press time.
Huobi to convert crypto into fiat for fäm Properties.
Mohit Davar, a 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.
"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."
The real estate market in the UAE has been actively embracing emerging technologies like blockchain and associated digital assets.
In October 2019, Emaar Properties, the Dubai-based real estate giant that developed the world's tallest building, the Burj Khalifa, released its new blockchain token-based referral and loyalty platform.
Huobi Exchange Partners With UAE Real Estate Firm to Enable Crypto Payments
Published on Jan 13, 2020
by Cointele | Published on Coinage
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