Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Singapore-based crypto exchange Huobi partnered with a real estate firm in the UAE to offer secure crypto payment options for its real estate investors.
Major cryptocurrency exchange Huobi has partnered with a real estate firm in the United Arab Emirates (UAE) to allow real estate investors to pay in cryptocurrencies.
The Singapore-based crypto exchange has entered a partnership with fÀm 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
Specifically, the partnership enables fÀm Properties to accept payment in cryptocurrencies like Bitcoin (BTC), Ether (ETH), XRP and other major cryptos including stablecoins, the report reads. The cooperation will purportedly enable more stability and liquidity in the real estate market.
Moreover, the partnership will simplify investing in the UAE as well as provide the market with more value, according to fÀm Properties CEO Feras Al Msaddi:
âThis 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.â
Cointelegraph contacted fĂ€m Properties to learn about the firmâs plans to tackle the volatility associated with crypto markets but has not received a response at press time.Â
Huobi to convert crypto into fiat for fÀm Properties
Licensed by Dubai Multi Commodities Centre (DMCC), an infrastructure provider for expanding commodities trading in Dubai, Huobi will ensure that fĂ€mâs clientsâ transactions are legally compliant.
Mohit Davar, a co-founder of Huobi OTC at DMCC, said that the firm will provide fÀm 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:
"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 fĂ€m in fiat currency.â
According to AMEinfo, Huobiâs OTC desk supports fiat currencies including UAE dirhams, United States dollars, euros and British pounds.
Meanwhile, 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 worldâs tallest building, the Burj Khalifa, released its new blockchain token-based referral and loyalty platform. Previously, the company announced its intention to launch a token and hold an initial coin offering in Europe.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.