Huobi, one of the major cryptocurrency exchanges, has closed a partnership with a United Arab Emirates (UAE) real estate firm to enable cryptocurrency payments for industry-related investors.
The firm is called fäm Properties and conducts its activity in Dubai. As soon as its partnership with Huobi will start to take effect, real estate investors will be able to make Bitcoin (BTC), Ripple (XRP), Ethereum (ETH) and other important crypto payments, stablecoins included. This is supposed to bring more liquidity and stability to the real estate market. This is what the real estate firm’s CEO, Feras Al Msaddi, had to say about the partnership:
“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.”
Huobi Will Make Crypto to Fiat Conversions for the Firm
Huobi is licensed by the Dubai Multi Commodities Center (DMCC) and will ensure that fäm is conducting legal transactions. One of Huobi OTC at DMCC’s co-founders, Mohit Davar, said the company will provide liquidity for fäm and facilitate its payments made in virtual money. He explained in an interview for Zawya.com that:
“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.”
AMEinfo says Huobi OTC supports fiat currencies like the US dollar, the Euro, the British pound and the UAE dirham.
UAE’s Real Estate Market Has Been Embracing Blockchain Tech and Digital Assets
The UAE’s real estate market has been very open to blockchain tech and digital assets. Only in October last year, Emaar Properties, the company that has developed the Burj Khalifa, has released its blockchain-based tokenized system for its most loyal clients and referrals, after it announced it has the intention to release a token and to hold in Europe an initial coin offering.