Blockchain infrastructure company Blockdaemon has revealed that it will expand its presence in…
Blockchain infrastructure company Blockdaemon has revealed that it will expand its presence in the UAE with a new office and entity in Abu Dhabi.
The company revealed that its expansion plans had been greenlit under the local registration authority for the Abu Dhabi Global Market (ADGM) in an announcement shared with Cointelegraph in May. 13.
Part of the expansion plans is to operate and provide Web3 infrastructure solutions locally in the UAE. This will also entail making node and validator infrastructure solutions available in the region, along with self-hosted MPC wallet technology.
Amor Sexton, Chief Operating Officer at Blockdaemon, said the move is a “huge step” for the company as it strengthens its presence in the UAE region.
Arvind Ramamurthy, head of market development at Abu Dhabi Global Market, echoed these sentiments, saying they are trying to create an environment that is “conducive to the growth and success” of Web3 companies:
“The decision by one of the leading enterprise-level blockchain infrastructure companies to expand into this region with ADGM underscores the progressive regulatory environment provided by our international financial center.”
Ramamurthy said they anticipate the opportunities that such approvals could “open up” within the region. Blockdaemon focuses on developing institutional-level infrastructure for blockchain protocols and crypto-native and traditional financial institutions.
Cointelegraph has reached out to Blockaemon for additional information about its expansion.
Related: Observers say EU cryptocurrency regulations have been undermined by a lack of enforcement
The move follows Blockaemon’s gradual efforts to expand its presence in certain regions. In February 2022, it expanded to the Asia-Pacific region, and a month later in March it made its first move into the Europe, Middle East and Africa region.
In September 2021, Blockdaemon achieved “unicorn” status with a $155 million raise, increasing its total value to about $1.255 billion at the time.
At the recent TOKEN 2049 event in April in Dubai, Barnaby Hodgkins, senior director of growth strategy at Blockdaemon, told Cointelegraph that institutional adoption in the blockchain and cryptocurrency industries is currently at an all-time high.
Although there is still room for growth, saying that although it may be at its highest levels does not mean that there are “loads.”
On May 5, Blockdaemon became one of eight companies to commit to using Stacks – one of the leading layer 2 Bitcoin networks with smart contract functionality.
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