RAK Properties, one of the largest publicly traded real estate companies in the Ras Al Khaimah emirate, has announced it will accept cryptocurrency for international real estate transactions.
RAK Properties Acceptance of Cryptocurrency
The key moment was the announcement that the company would begin accepting Bitcoin, Ether, and Tether for payments. This decision highlights the growing popularity of digital assets in the UAE.
Transaction Processing through Hubpay
Cryptocurrency transaction processing will be handled via Hubpay, which converts digital assets into the local currency before depositing them into RAK's accounts.
Growth of Crypto Assets in the UAE
According to experts, the UAE is becoming one of the most progressive regions for the crypto industry, and cryptocurrency is expected to become the second-largest sector in the country's economy within the next five years.
RAK Properties' acceptance of cryptocurrency is part of a broader trend of growing digital assets in the United Arab Emirates, which may open new opportunities for investors and buyers.
