Important cryptocurrency market Huobi has partnered with a real estate company in the United Arab Emirates (UAE) to permit property investors to invest in cryptocurrencies.
The Singapore-based crypto market has entered a partnership with fäm Properties, a tech-driven property agency located in Dubai, to provide crypto payment alternatives for its property investors, UAE-based small business book AMEinfo.com reports Jan. 12.
Crypto to empower additional stability and liquidity in the real estate marketplace
Especially, the partnership empowers fäm Properties to take payment in cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP along with other significant cryptos such as stablecoins, the report reads. The collaboration will supposedly allow more liquidity and stability in the actual estate marketplace.
Furthermore, the venture will simplify investing in the UAE and supply the marketplace with more worth, based on fäm Properties CEO Feras Al Msaddi:
“This partnership provides our customers immense opportunity along with the simplicity of investing in prime locations in the UAE. Cryptocurrencies are getting to be increasingly common payment system all around the planet, and this additional option will boost our property trades and deliver more value to the property market .”
Cointelegraph contacted fäm Properties to find out about the company’s plans to attack the volatility related to crypto markets but hasn’t got a reply at press time.
Huobi to convert crypto to fiat to get fäm Properties
Accredited by Dubai Multi Commodities Centre (DMCC), an infrastructure supplier for enlarging commodities trading in Dubai, Huobi will guarantee that fäm’s customers’ trades are legally compliant.
Mohit Davar, a co-founder of Huobi OTC in DMCC, stated that the company will offer fäm with resources and liquidity to facilitate virtual currency payments for clients. Within an interview with Middle East-focused book Zawya.com, Davar clarified that the trade will facilitate trades from crypto into fiat:
“In case somebody would like to purchase property and utilize crypto for a payment money, then we’ll help facilitate that trade and market their cryptocurrency and make the payment to fäm into fiat money”
Based on AMEinfo, Huobi’s OTC desk supports fiat currencies such as UAE dirhams, United States dollars, euros and British pounds.
Meanwhile, the housing market in the UAE has been actively embracing emerging technologies such as blockchain and related digital resources. Back in October 2019, Emaar Properties, the Dubai-based property giant which developed the world’s tallest building, the Burj Khalifa, published its fresh blockchain token-based referral and devotion stage. Formerly, the organization announced its intent to establish a token and maintain a first coin offering in Europe.