Samana Developers announced in a statement on Wednesday that it has started accepting the cryptocurrency Dogecoin as a payment option for its upcoming residential project in Jumeirah Village Circle, Dubai. Recently, Dogecoin has gained traction in the global cryptocurrency market, which is currently valued at approximately $2.51 trillion, following strong interest from major businessmen worldwide, led by Elon Musk, the CEO of Tesla Motors and founder of SpaceX.
Regarding payments made through Dogecoin, Samana Developers stated that it would use the Binance cryptocurrency trading platform based in the Cayman Islands, which is the leading global cryptocurrency exchange, averaging $2 billion in daily trades and conducting 1.4 million transactions per second.
The company added that this move aligns with its strategy to facilitate business with Samana, promote openness, and encourage new international investors to enter Dubai. The use of cryptocurrency in real estate transactions is the latest initiative to attract international investors to the real estate sector in Dubai.
Dogecoin, one of the cryptocurrencies traded online, has reached the highest rank in terms of value worldwide, with each token priced at $0.54, marking its all-time high during the recent turbulence in the cryptocurrency market over the past two weeks. The value of Dogecoin has increased by over 26,000% since the beginning of the year, with a market capitalization exceeding $64 billion, according to CoinMarketCap. This cryptocurrency has a large community on Reddit and a following on Twitter.
Samana Developers stated that to encourage buyers, it is offering a 5% discount to investors who use Dogecoin in its upcoming project, which is set to launch in June or July 2021. The CEO of Samana Developers, Imran Farooq, commented: "Digital technology and the rapid shift in work due to COVID-19 have changed the world, but Samana Developers remains vigilant to changes and adapts without any slowdown. Our innovative initiative in the Dubai real estate market helps drive growth and create better value for investors, which is why we achieved the top seller ranking in the Arjan area."
International companies currently using Dogecoin include the Dallas Mavericks, an NBA team based in the U.S., Baltic Airlines in Latvia, EasyDNS in Canada, and the American luxury resort company Kessler Collection, among others.
