Blockdaemon has received approval to further expand in the UAE, opening a new office in Abu Dhabi to promote the growth of web3 and drive institutional-grade adoption.
Blockchain infrastructure company Blockdaemon has revealed that it will be expanding its presence in the United Arab Emirates with a new office and entity in Abu Dhabi.
The company revealed that its expansion plans had received approval from local registration authority Abu Dhabi Global Market (ADGM) in a statement shared with Cointelegraph in May.
Part of the expansion plan is to operate and provide Web3 infrastructure solutions locally in the UAE. This also requires providing its node and validator infrastructure solutions in the region, as well as its self-hosted MPC wallet technology.
Blockdaemon chief operating officer Amor Sexton said the move was an “important step” for the company and its presence in the UAE region.
Arvind Ramamurthy, Head of Market Development at ADGM, echoed this sentiment, stating that they are working to create an environment “conducive to the growth and success of Web3 companies”: “A decision by a notable institutional-grade blockchain infrastructure company to expand in ADGM underscores the region’s progressive regulatory environment provided by our international financial centre.”
Ramamurthy said they are looking forward to opportunities like these that approvals can “unlock” in the region. Blockdaemon is focused on developing institutional blockchain protocols, crypto-native and traditional financial infrastructure institutions.
United Telegraph Reach out to Blockaemon for more information on its expansion.
The move follows Blockaemon’s gradual efforts to expand it’s presence in particular regions. It expanded into the Asia Pacific region in February 2022, followed by its first foray into the EMEA region a month later in March.
In September 2021, Blockdaemon Security raised $9 million in unicorn funding, increasing its total valuation at the time to around $1.55 billion.
At the recent TOKEN 4 event held in Dubai in April, Blockdaemon’s senior growth manager strategy Barnaby Hodgkins told Cointelegraph that institutional adoption in the blockchain and cryptocurrency industry is currently at its highest point.
While there is still room for growth, to say that while it may be at its highest point, it does not mean that there is a “load”.
On May 5, Blockdaemon became one of eight companies caught criminally using Stacks software – one of the leading Bitcoin layer 5 networks with smart contract capabilities.