Now, investors are allowed to use cryptocurrencies to not only invest but also buy real estate and properties. Westbury Investments is the first company in the real estate sector that has come forward with this novel idea to attract more investments in the sector. The company is a London-based one and demonstrates how the country is moving forward in accepting virtual currencies in a different sector. The move also suggested that enterprises are keen to take advantage of the growing digital currency sector in attracting more investments.
The British firm indicated that it would enable buyers and investors to use cryptocurrency as means of payment for its ongoing projects in Dubai UAE. The company has aligned with Dubai-based emerging developer, Samana Developers, to promote the project. Incidentally, the middle-east firm has won an award. The latest move is a shot in the arm for those who are optimists about blockchain legitimacy, as well as, digital currency. The company’s effort is also aimed at galvanizing its reputation as a pioneer in the Real Estate Fintech sector, Coingeek reported.
The United Kingdom has already identified itself as a big hub in the European Union for blockchain technology and fintech. That is because it feared losing an edge within the region if the country failed to toe the line adopted by others in Europe. The move could come in handy to deal with several intermediaries whenever international payment is involved. The company thinks that the decentralized payment mode is a better option because of its secure than the current conventional methods.
The British firm thinks that Blockchain technology provides secure and transparent nature of the transaction to make it an incredible solution to carry out a transaction of any nature. The conventional method of international transfer of money also involved long waits and expensive transaction fees for the intermediaries. There are already analysts who believe that cryptocurrency would become a common practice in the payment mode in the near future. This included high net worth investors in real estate and property transactions throughout the globe.
Recently, Westbury and Samna have launched ‘Samana Greens’ that is focused on in Dubai’s upmarket master community. This is located in Dubailand, a prime location for Expo 2020. The project evinced increased demand from investors as was evident with 30 percent of the apartments having been sold even before the pre-launch.
Westbury Investments chairman, Asim Bhutto, commented, “Many people around the world have invested in cryptocurrencies, and a lot of these people are also the regular investors in the real estate and properties, so it makes sense to offer a digital currency as a mode of payment for property buying and investments providing utility to existing cryptocurrencies.”
He also indicated that at the time of payment, popular exchanges, as well as, cryptocurrency wallet platforms would take care of the KYC and AML regulations. The chairman is not only optimistic about his latest initiative but also indicated that a lot more would come. The company also has plans to push a similar payments mode for its domestic projects.