Huobi, Singapore-based crypto exchange, has inked a partnership with Dubai-based fäm Properties, allowing real estate investors of using cryptocurrencies as a payment option. Huobi will also ensure that those clients’ transactions are legally complaint.
The partnership, which is expected to enable more stability and liquidity inflows to the real estate market and streamline investments in the UAE, will enable fäm Properties to accept payment in cryptocurrencies such as Bitcoin, Ether and XRP, in addition other major cryptos including stablecoins.
fäm Properties CEO Feras Al Msaddi, said:
“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.”
The Huobi is set to provide fäm with liquidity and resources to facilitate virtual money payments for customers, said Mohit Davar, co-founder of Huobi OTC at Dubai Multi Commodities Centre.
Davar also said that the exchange will facilitate transactions from crypto to fiat, adding:
“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.”
Huobi’s OTC desk supports fiat currencies including UAE dirhams, United States dollars, euros and British pounds.