Dubai announces “Cryptocurrency Tower” to host blockchain businesses

Dubai announced the construction of a “Crypto Tower” to accommodate the companies operating in it Blockchain sector.

What happened: According to As reported by Khaleej Times on Wednesday, the Dubai Multi Commodities Center (DMCC) aims to strengthen the city’s digital asset ecosystem.

According to the report, the Crypto Tower will provide 150,000 square feet of leasable space, including nine floors of advanced offices for cryptocurrency startups and established companies.

The building will also contain floors dedicated to blockchain incubators, venture capital firms, and AI innovations.

Ahmed Bin Sulayem, Chairman and CEO of DMCC, said: “Crypto Tower is a pioneering project located at the interface of blockchain, Web3 and real estate.”

Read also: BlackRock says Bitcoin adoption is still early

Notable features of the Crypto Tower include:

1. 10,000 square feet of indoor event space and 3,500 square feet of outdoor space for cryptocurrency and blockchain events
2. A 30,000-square-foot cryptocurrency club on the top three floors
3. NFT art gallery
4. A store that sells gold bullion
5. Exotic car dealership
6. 5,000 square foot vault storage area for valuables including gold and cash wallets and cold wallets

Why it matters: This development is in line with Dubai’s broader efforts to establish itself as a global cryptocurrency hub.

In OctoberRipple has received in-principle approval from the Dubai Financial Services Authority (DFSA) to offer blockchain-powered payment services in the Dubai International Financial Center (DIFC).

Brad GarlinghouseRipple’s CEO praised the UAE’s “forward-thinking regulatory approach”, highlighting the country’s position as a leader in fintech innovation.

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