UAE firm RAK Properties will accept Bitcoin and other cryptocurrencies for real estate transactions

PANews reported on September 2nd that RAK Properties, one of the largest publicly listed real estate companies in the United Arab Emirates (UAE), will begin accepting cryptocurrencies for international real estate transactions. According to an announcement released on Monday, RAK Properties will begin accepting payments in cryptocurrencies such as Bitcoin, Ethereum, and USDT. Cryptocurrency transactions will be processed by Hubpay, a global payment platform in the region. Hubpay will convert digital assets into local UAE fiat currency before depositing them into RAK Properties' accounts.

RAK Properties has a market capitalization of AED4.7 billion (US$1.3 billion) since listing on the Abu Dhabi Securities Exchange in 2005, according to TradingView data.