Mining Bitcoin, walking away from it, and eventually becoming the CEO of a crypto proprietary trading firm — that’s the story of Grigory Rybalchenko, CEO of Xerime DMCC, who sat down with AltCoinDesk.com to talk about his company’s growing role in the digital finance and real estate ecosystem.
Remember the old days when land and homes were sold through handshakes and minimal paperwork? Those days are long gone. Even the modern system — full of agents, real estate consultants, and major developers — is now evolving again, this time through blockchain technology.
Today, tokenization is transforming real estate. You can now buy property fractions on a blockchain, with each token representing a part ownership. It means investors can own smaller pieces of high-value properties, opening access to global real estate markets without the need to buy an entire unit.
And right in the middle of this shift is Xerime, a Dubai-based crypto proprietary trading company that recently partnered with Idealist Real Estate and Citi Developers to enable crypto payments for property purchases.
Grigory Rybalchenko gave us a closer look at Xerime’s operations and his vision for blending crypto with the real estate industry.
‘Crypto won’t replace banks — it’ll coexist’
Grigory Rybalchenko knows the crypto world better than most. He mined more than 100 Bitcoins back in 2009 — only to abandon them before realizing their true value years later.
Despite his early start, Rybalchenko doesn’t believe crypto will completely overtake traditional banking. “Crypto is booming,” he said, “but it will coexist with the traditional system. Both will grow together.”
Beyond real estate: Xerime’s expanding crypto services
While Xerime has made headlines for facilitating crypto-based property deals, that’s only part of what it does. The company has also teamed up with ‘Maaly Pay’, a crypto payment platform that allows customers to pay for everyday services — from restaurants and salons to car rentals — using cryptocurrencies.
Xerime’s role? Handling the settlements. When customers pay in crypto, Xerime converts it into cash for the business, ensuring a smooth transaction every time.
Watch the full video interview with Grigory Rybalchenko, CEO of Xerime
Building a licensed, client-focused trading firm
Founded in 2019, Xerime operates with full DMCC approval and a VARA non-objection certificate (NOC), making it a licensed proprietary trading firm in Dubai.
The company trades crypto assets using its own funds, allowing clients to legally buy and sell cryptocurrencies while assisting them in opening UAE bank accounts that support both crypto-to-fiat and fiat-to-crypto conversions.
For Rybalchenko, the focus is simple: “You build a strong business by being loyal to your clients,” he said. “That’s how you create something lasting.”
Crypto in real estate: How the process works
Through its new partnerships, Xerime has made crypto-based property purchases seamless. Here’s how it works: Xerime buys crypto from the customer, converts it into UAE dirhams, and sends the payment directly to the developer — Idealist Real Estate or Citi Developers.
“It’s a secure and seamless process,” said Rybalchenko with a confident smile.
Stablecoins lead property deals
When it comes to crypto property transactions, Tether’s USDT and Circle’s USDC are leading the way. Some clients still use Bitcoin or Ethereum, but they typically convert those into stablecoins before completing the purchase.
Tokenization: Redefining property ownership in Dubai
Imagine owning part of a million-dirham apartment for just 1,000 AED — and earning income from it. That’s the power of real estate tokenization. Each token represents a fraction of the property, giving multiple investors the chance to share in the rental income.
According to Rybalchenko, demand for tokenized real estate in the UAE is “growing fast.” He cited a striking example: property investment firm Prypco sold out a tokenized apartment in just eight minutes.
Xerime’s partnerships go far beyond Idealist and Citi Developers. “We work with over 50 developers and handle daily crypto transactions,” he said. “People are buying real estate with crypto every day.”
Dubai’s crypto future looks bright
When asked about Dubai’s future in digital assets, Rybalchenko’s optimism was clear. “The shift from cash to cards took decades. Now, crypto is the next evolution,” he said. “It makes cross-border transactions faster, more transparent, and more secure. That’s the real magic.”
From mining Bitcoin to building a bridge between crypto and real estate, Grigory Rybalchenko and Xerime are proof that innovation and practicality can go hand in hand — reshaping how the world invests, one token at a time.
