- Dubai has announced a “Crypto Tower” that is set to be completed by 2027.
- The national capital shows consistent optimism towards widespread crypto adoption.
The past day has seen an interesting turn of events in the cryptocurrency sector. With the fast-approaching change in the US administration, Bitcoin has reclaimed its $98K level positioning itself for an incoming bull run. Meanwhile, the regulatory landscape has seen activity as well, with the SEC’s latest move against Ripple.
Meanwhile, in the realm of growing crypto adoption, Dubai has taken the lead with a recent announcement. The crypto capital has announced the building of a monument dedicated to the sector – a “Crypto Tower”.
The Dubai Multi Commodities Centre (DMCC) announced that the Crypto Tower infrastructure will be completed by 2027. The 17-storey building is set to be built at the Jumeirah Lakes Towers (JLT). This has caught quite the attention within the sector and reaffirmed the city’s position as the Middle East’s Crypto capital.
Secondly, as per reports, the crypto tower plan might include an NFT gallery and other high-end technical features. This is an interest in catering to the growing number of crypto and blockchain-based companies in Dubai.
How is Dubai Planning to Enhance the Crypto Tower?
The CEO of DMCC and other top officials discussed different technologies the landmark is planning to incorporate. DMCC’s CEO stated that it will bridge gaps between blockchain, web3, and real estate. He stated that this would be a symbol of Dubai’s leading position in the innovation hub.
Moreover, another official, Brenda Straton, REIT Development’s Communications Director stated that it was an integration of blockchain technology and real-world construction. She further stated that by doing so, they are setting a new standard for transparency in the crypto sector.
The Middle East has been one of the first nations to take a positive approach towards cryptocurrency and digital assets. Numerous leading firms including BitOasis and HashKey have expanded their community into the region.
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