Major currency exchange: Huobi has partnered with a real estate company in the United Arab Emirates (UAE) to allow real estate investors to pay in cryptocurrencies.
A Singapore-based crypto exchange has partnered with fäm Properties, a Dubai-based real estate agency, to offer crypto payment options to real estate investors, according to a report published by AMEinfo.com in the UAE on January 12.
Crypto to enable more stability and liquidity in the real estate market
Specifically, the fäm Properties partnership enables the acceptance of payments in cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP and other major codecs including stable currencies, as the report reads. It is alleged that the cooperation will enable more stability and liquidity in the real estate market.
Moreover, the partnership will simplify investment in the United Arab Emirates in addition to providing the market with more value, according to CEO of famm Feras Al Masaddi:
“This partnership will provide our customers with a huge opportunity and easy investment in key locations in the UAE. Cryptocurrency has become an increasingly popular payment method worldwide, and this added option will increase our real estate transactions and bring more value to the real estate market here.”
Cointelegraph contacted Fäm Properties to learn about the company’s plans to address volatility associated with the crypto markets, but it did not receive any response in time for the press.
Huobi to convert encoder to fiat for fäm properties
Huobi, licensed by the Dubai Multi Commodities Center (DMCC), the primary provider of infrastructure for expanding commodity trade in Dubai, will obtain a legal guarantee of fäm customer transactions.
Mohit Davar, one of the founders of Huobi OTC at DMCC, said the company would provide the company with liquidity and resources to facilitate virtual cash payments to clients. In an interview with Zawya.com focusing on the Middle East, Davar explained that the exchange will facilitate transactions from encryption to Fiat:
“If someone wants to buy a property and use cryptography as the payment currency, we will help facilitate this transaction, sell their cryptocurrency, and make the payment to fám in Fiat.”
According to AMEinfo, Huobi’s OTC office supports fiat currencies including UAE dirhams, U.S. dollars, Euros and British pounds.
Meanwhile, the UAE real estate market is actively embracing emerging technologies such as blockchain and associated digital assets. In October 2019, Emaar Properties, the real estate giant in Dubai, which has developed the world’s tallest tower, Burj Khalifa, launched a token-based referral and loyalty platform. Previously, the company announced its intention to launch a token and a primary coin display contract in Europe.