Blockdaemon to expand into the UAE with a new office and entity in Abu Dhabi, approved by the local Registration Authority of ADGM.
Blockchain infrastructure company Blockdaemon has announced that a new office and entity will be established in Abu Dhabi, expanding its presence in the United Arab Emirates.
In an announcement, the organization disclosed that the local Registration Authority of Abu Dhabi Global Market (ADGM) had approved its expansion plans.
The UAE comprises some operational and provisional Web3 infrastructure solutions for the expansion strategy. Additionally, its self-hosted MPC wallet technology and node and validator infrastructure solutions will be made accessible in the region.
According to Blockdaemon’s chief operating officer, Amor Sexton, the move is a “significant stride” for the company expanding its presence in the UAE region.
The sentiment was reiterated by Arvind Ramamurthy, chief of market development at ADGM, who stated that the company is attempting to “create an environment conducive to the growth and success” of Web3 companies:
“The decision of a prominent institutional-grade blockchain infrastructure company to expand in this region with ADGM underscores the progressive regulatory environment offered by our international financial center.”
Ramamurthy stated that they are “awaiting” the opportunities fore approvals may “toock” in the region. Blockdaemon concentrates on developing infrastructure suitable for traditional financial institutions, blockchain protocols, and crypto natives.Â
This action continues Blockaemon’s strategy to increase its presence in specific regions gradually. It entered the EMEA region for the first time in March 2022, following its expansion into the Asia-Pacific region in February 2022.
Blockdaemon achieved “unicorn” status in September 2021 through a $155 million funding round, bringing its total valuation to approximately $1.255 billion.
Barnaby Hodgkins, senior manager of growth strategy at Blockdaemon, stated at the April 2049 TOKEN 2049 event in Dubai that institutional adoption in the blockchain and cryptocurrency industries is at an all-time high.
While acknowledging that further development is possible, the fact that something is at its peak does not necessarily indicate the presence of “loads.”
Blockdaemon joined an exclusive group of eight organizations that have pledged to utilize the Stacks software as of May 5. Stacks is a prominent layer-2 network for Bitcoin that supports smart contracts.
