Dubai Announces 'Crypto Tower' To Host Blockchain Businesses

Dubai has announced the construction of a “Crypto Tower” to accommodate businesses operating in the blockchain sector.

What Happened: According to reporting from the Khaleej Times on Wednesday, the Dubai Multi Commodities Centre (DMCC) is aiming to foster the digital asset ecosystem in the city.

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

The building will also feature dedicated floors for blockchain incubators, venture capital firms, and AI innovation.

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, stated, “The Crypto Tower is a pioneering development that sits at the interface of blockchain, Web3 and real estate.” 

Also Read: Bitcoin Adoption Still Early, BlackRock Says

Notable features of the Crypto Tower include:

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

Why It Matters: This development aligns with Dubai’s broader efforts to establish itself as a global crypto hub.

In October, Ripple received in-principle approval from the Dubai Financial Services Authority (DFSA) to offer blockchain-enabled payment services in the Dubai International Financial Centre (DIFC).

Brad Garlinghouse, Ripple’s CEO, praised the UAE’s “forward-thinking regulatory approach,” highlighting the country’s positioning as a leader in financial technology innovation.

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