DMCC and REIT Development, have announced the launch of the landmark ‘Crypto Tower’ at Jumeirah Lakes Towers (JLT) in Dubai.
This 17-storey project will support DeFi and Web3 companies that are DMCC’s speedily developing blockchain communities, which will boost their status as a global hub for innovation and advanced technologies.
The new tower will be added to DMCC’s ecosystem with an advanced space caring for innovation, partnership, and business growth. The Crypto Tower will feature nine floors of advanced offices made for crypto startups and established businesses.
It will also feature a 10,000-square-foot indoor event space, complemented by a 3,500-square-foot outdoor area for crypto and blockchain events.
The top three floors will have a private 30,000-square-foot crypto club, which will have premium networking and luxury amenities, designed for an advanced high-level partnership and networking within the blockchain community.
It will have a cutting-edge infrastructure and state-of-the-art facilities, integrated with over 150,000 square feet of vast space.
It will also have three additional floors that will support blockchain incubators, venture capital firms, and investment companies, with a dedicated floor for artificial intelligence (AI) innovation.
Further, the Crypto Tower will also build high-end features such as an NFT art gallery, a gold bullion shop, an exotic car dealership, and a storage area offering 5,000 square feet of defended space for valuables like gold, cash, and cold wallets.
As per reports, blockchain technology will be used to interact and transact through the use of on-chain voting mechanisms, shared resources, smart contracts, and other automated services.
The Executive Chairman and Chief Executive Officer, of DMCC, Mr. Ahmed Bin Sulayem, said, “The Crypto Tower is a pioneering development that sits at the interface of blockchain, Web3 and real estate….The launch of Crypto Tower is both a real-world demonstration of the future of Web3, where transparency and ownership are ensured by blockchain technology, as well as a statement of our intent as we continue to consolidate Dubai’s position as the world’s leading innovation hub.”
Further, Brenda Stratton, Communications Director of REIT Development, added “By combining blockchain technology with real-world construction in Dubai’s DMCC, we’re creating a physical tower that serves as a central hub for the crypto community. Every expense is on-chain, setting a new standard for transparency in the industry.”
However, the construction is expected to be complete by Q1 of the year 2027, with full operations beginning shortly.
Also Read: Dubai Residents Can Now Pay Insurance Premiums in Bitcoin
