Blockchain infrastructure company Blockdaemon said it will expand its presence in the United Arab Emirates by opening a new office and entity in Abu Dhabi.
The company said in an announcement shared with Cointelegraph in May that its expansion plans have been approved by the Abu Dhabi Global Markets Local Registrar (ADGM). 13.
Part of the expansion plan is to operate and provide local Web3 infrastructure solutions in the UAE. This also entails making node and validator infrastructure solutions available in the region along with self-hosted MPC wallet technology.
Amor Sexton, Blockdaemon’s chief operating officer, said the move was a “significant step forward” for the company to solidify its presence in the UAE region.
Sexton told Cointelegraph that he views the expansion as a “strategic alignment” with the region’s dynamic growth.
This demonstrates our commitment to actively participate in and advance the Web3 revolution across the UAE and the wider MENA region.
Arvind Ramamurthy, head of market development at ADGM, echoed this sentiment, saying the company is trying to create an environment “conducive to growth and success” for Web3 companies.
“The decision of a renowned institutional-grade blockchain infrastructure company to expand in the region through ADGM highlights the progressive regulatory environment offered by the international financial center.”
Ramamurthy said he is looking forward to seeing what opportunities such approval could open up within the region. Blockdaemon focuses on developing blockchain protocols, cryptocurrency infrastructure, and institutional-grade infrastructure for traditional financial institutions.
Cointelegraph has reached out to Blockaemon for more information about the expansion.
Related: Lack of enforcement has undermined EU cryptocurrency regulation, observers say.
The move follows Blockaemon’s gradual efforts to expand its presence in certain regions. In February 2022, it expanded into the Asia-Pacific region, and a month later, in March, it entered the EMEA region for the first time.
In September 2021, Blockdaemon secured ‘unicorn’ status with $155 million in funding, increasing its total valuation at the time to approximately $1.255 billion.
At the recent TOKEN 2049 event held in Dubai in April, Barnaby Hodgkins, Senior Manager of Growth Strategy at Blockdaemon, told Cointelegraph that institutional adoption of the blockchain and cryptocurrency industry is currently at its highest level.
There is still room for growth, but just because it has reached its peak doesn’t mean there is any ‘burden’ yet.
On May 5, Blockdaemon became one of eight companies committed to using Stacks software, one of the leading Bitcoin layer-2 networks with smart contract capabilities.
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