Dubai to Open Crypto Tower by 2027
Dubai has announced plans to build a 17-story crypto tower designed to support the rapidly growing blockchain and Web3 sectors.
The tower will provide 150,000 square feet of leasable space and provide a center for Web3 innovation and growth. The UAE is competing fiercely with the United States to become the premier blockchain hub.
Dubai’s crypto tower will be powered by blockchain integration
According to local Reportthe encryption tower will Integrate blockchain For tenant interaction and operations. on the chain voteshared resources, smart contracts and other automated systems will streamline the process.
This approach is expected to reduce administrative costs and establish new standards in community management.
Nine floors will be dedicated to office space for cryptocurrency startups and established companies. The other three floors will house blockchain incubators, venture capital firms and investment groups.
There is also a layer dedicated to artificial intelligence initiatives.
“DMCC and REIT Development announce new 17-story crypto tower in Dubai to cater to blockchain, Decentralized Financeand Web3 business. Set to open in 2027, the tower will also host a cryptocurrency club and blockchain networking event space. ” Wrote Mario Nofal.
The design includes a 10,000-square-foot indoor event area as well as a 3,500-square-foot outdoor venue for cryptocurrency and blockchain events.
In addition, the top three floors will house a 30,000-square-foot cryptocurrency club. The club will be designed for social and leisure activities.
Dubai is racing to become the blockchain capital
Other highlights include NFT art gallerya gold bullion shop and an exotic car dealership. Reports also indicate that there will be a secure vault with 5,000 square feet of space for storing valuables such as gold, cash, and cold wallets.
Construction of the tower is scheduled to be completed in the first quarter of 2027, with operations to begin soon. Dubai continues to solidify its reputation as a hub for blockchain and cryptocurrency innovation.
December, TON DLT Foundation registered in Abu Dhabi Ensure legal recognition of decentralized organizations within the framework of the Abu Dhabi International Financial Center. Chainlink Labs has also arrived Do business in the region through Abu Dhabi Global Market (ADGM).
October 2024, Ripple receives regulatory approval The Dubai Financial Services Authority (DFSA) has agreed to expand operations at the Dubai International Financial Center (DIFC). The Dubai Court of First Instance recognized the use of cryptocurrency to pay wages under an employment contract.
recent, HashKey obtains virtual asset provider license From VARA, Dubai’s leading regulatory agency.
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