Bin Faqeeh Real Estate Investment in the Kingdom of Bahrain has embraced bitcoin and crypto and would allow clients to pay for their property with digital currency.
The new payment method shown in a video revealed that investors could purchase Bin Faqeeh’s properties using any crypto of their choice.
According to the company’s senior relationship manager Ahmed Radhi, the cryptocurrency payment is made via Binance Pay, a crypto payment service available on the Binance app. The client will proceed to scan a QR code provided by Bin Faqeeh and the digital asset they want to use to pay for the property.
Notably, the real estate giant does not select or mention preferred cryptocurrencies for payment, indicating that the firm is open to various digital assets.
There continues to be a growing number of real estate companies adopting crypto. A property development company based in Dubai, DAMAC Properties, revealed that the firm would accept bitcoin and Ethereum for payment. Another Brazilian real estate giant, Gafisa, enabled investors to make purchases with BTC.
Meanwhile, the latest adoption of crypto by Bin Faqeeh comes amid the ongoing bear market. While bitcoin and other altcoins have seen some gains in the last few days, the market is far from its all-time high in November 2021, where BTC price nearly touched $70,000, and ETH crossed the $4,000 mark.
At its peak, the cryptocurrency market capitalization hit $3 million. However, at the time of writing, bitcoin is trading at around $22,956, according to CoinGecko, while the industry’s total market cap has dropped to $1 trillion.