Dubai Unveils 17-Story Crypto Tower for Web3 Innovation Hub

• DMCC and REIT Development unveil plans for a 17-story Crypto Tower in Dubai’s JLT.
• The tower will feature 150,000 sq. ft. for blockchain firms, AI, and crypto innovation. 
• Construction of the Crypto Tower is expected to be completed by the first quarter of 2027.

Dubai Multi Commodities Centre (DMCC) and REIT Development have revealed plans for the Crypto Tower, a 17-story landmark in Jumeirah Lakes Towers (JLT). The overall goal of this project is to empower growing blockchain, decentralized finance (DeFi), and Web3 communities in Dubai. Specifically aimed at encouraging innovation and collaboration, the Crypto Tower is envisioned to host startups, established blockchain firms and high technologies.

Innovative Design and Facilities

The Crypto Tower will cover 150,000 square feet of leasable space. Nine floors are dedicated to crypto startups and established blockchain companies. Three additional floors will house blockchain incubators, venture capital firms, and investment companies. One floor is reserved for artificial intelligence (AI) innovation, powered by Chatoshi.ai.

Other features are an indoor facility of 10,000-square-foot for hosting different events related to the crypto and blockchain industry and an outdoor area of 3,500-square-foot for the same. The highest three levels will accommodate the luxury thirty thousand square meters digital currency workspace for the elite crypto meeting and coworking space.

The tower will also incorporate unique amenities, including a gold bullion shop, a 5,000-square-foot vault for secure storage, an NFT art gallery, and an exotic car dealership. Blockchain technology will power tenant services, including smart contracts, on-chain voting mechanisms, and automated processes, ensuring transparency and efficiency in operations.

Related: https://cryptotale.org/how-crypto-is-transforming-the-economies-of-developing-countries/

Strengthening Dubai’s Innovation Hub Status

DMCC Executive Chairman Ahmed Bin Sulayem highlighted the project’s significance. He stated that the Crypto Tower is a real-world example of integrating blockchain technology with real estate. The tower will foster innovation, collaboration, and transparency, setting a new standard in tenant management. 

Brenda Stratton, Communications Director at REIT Development, highlighted the tower’s role as a central hub for the global crypto community. She also emphasized that all project expenses will be processed on-chain, showcasing a new level of transparency in the industry.

The plan is to have the construction of Crypto Tower fully complete before the first quarter of 2027. The project will also help the DMCC Crypto Centre, with over 600 blockchain organizations in Dubai, further cement the city’s status as an innovative center.

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