As an analyst with a background in blockchain technology and experience in following industry trends, I’m excited about Blockdaemon’s expansion into Abu Dhabi, UAE. The company’s plans to establish a new office and entity, along with providing Web3 infrastructure solutions locally, signify a significant step forward in the region’s embrace of blockchain technology.
Blockchain infrastructure provider Blockdaemon announced plans to broaden its footprint in the United Arab Emirates through the establishment of a new office and local entity in Abu Dhabi.
In a May 13 announcement to CryptoMoon, the firm disclosed that its growth strategies received approval from Abu Dhabi Global Market (ADGM)’s Registration Authority.
Our growth strategy includes setting up local operations in the UAE to offer Web3 infrastructure services. This will involve making our node and validator infrastructure, as well as our self-hosted Multi-Party Computation (MPC) wallet technology, accessible in the region.
As the chief operating officer at Blockdaison, I’m thrilled to announce that we’ve made a major advancement in our expansion into the UAE region with this latest move.
Arvind Ramamurthy, head of market development at ADGM, shares my perspective, expressing their efforts to establish a favorable setting for the thriving and achievement of Web3 businesses.
“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.”
Ramamurty expressed his expectation that these approvals would pave the way for new possibilities within the region for Blockdaemon. As a leader in constructing advanced infrastructure for both blockchain technologies and traditional financial establishments, Blockdaemon is dedicated to this endeavor.
CryptoMoon reached out to Blockaemon for additional information on its expansion.
In recent developments, Blockaemon has been gradually increasing its market reach by entering new territories. Specifically, it initiated its expansion into the Asia-Pacific area in February 2022, followed by its initial foray into the European, Middle Eastern, and African (EMEA) region in March of the same year.
In September 2021, Blockdaemon achieved the title of “unicorn” by raising $155 million in funding, resulting in a valuation of approximately $1.255 billion.
As a researcher attending the TOKEN 2049 conference in Dubai last April, I had the opportunity to speak with Barnaby Hodgkins, Blockdaemon’s senior manager of growth strategy. He shared his perspective on the current state of institutional adoption within the blockchain and crypto industries, expressing his belief that we are witnessing a record-high level of interest and investment from institutions.
While there is still potential for expansion, reaching the peak doesn’t necessarily equate to an abundance.
May 5 marked the inclusion of Blockdaemon as one of the eight entities adopting Stacks software, a prominent Bitcoin layer-2 network featuring smart contract capabilities.
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2024-05-13 13:29