The Dubai Multi Commodities Centre (DMCC), in partnership with Reit Development, has announced plans for a new Crypto Tower in Dubai’s Jumeirah Lakes Towers (JLT). The 17-storey building is designed to be a real-world demonstration of blockchain technology’s practical applications, further cementing the emirate’s ambitions as a global hub for technological innovation.
Integrating Blockchain into the Built Environment
The Crypto Tower aims to set a new industry benchmark by integrating blockchain technology into its core operations. This will include using blockchain for real estate transactions, tenant management, and ownership records. The system will also facilitate on-chain voting and the use of smart contracts for various agreements, reflecting Dubai’s commitment to secure and transparent emerging technologies. The land for the project was acquired in December 2021, with the transaction and subsequent operational details recorded on the blockchain to ensure full transparency and real-time access. Brenda Stratton, communications director of Reit Development, stated, “Every expense is on-chain, setting a new standard for transparency in the industry.”
A Dedicated Hub for Web3 and AI Innovation
Scheduled for completion in the first quarter of 2027, the Crypto Tower will offer approximately 14,000 square metres of leasable space across nine floors. The facility is purpose-built to house the DMCC’s growing community of blockchain, decentralised finance (DeFi), and Web3 companies. In addition to office space, the tower will feature dedicated levels for incubators, venture capital and investment firms, and innovation labs focused on cutting-edge technologies like artificial intelligence. This infrastructure is designed to create a synergistic ecosystem that fosters collaboration and growth within the digital economy.
Bolstering Dubai’s Position as a Global Tech Capital
This project aligns with the UAE’s broader strategic initiatives, including the Emirates Blockchain Strategy 2021 and the Dubai Blockchain Strategy, which aim to integrate this technology across the economy and government. The Crypto Tower serves as a tangible symbol of Dubai’s intent to lead in the Web3 space. Ahmed bin Sulayem, Executive Chairman and CEO of DMCC, remarked, “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.”
About DMCC
The Dubai Multi Commodities Centre (DMCC) is the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise. A dedicated global centre for more than 24,000 businesses from around the world, the DMCC fosters trade across a range of sectors, including precious metals, diamonds, crypto, and various other commodities. Located in the heart of Dubai, it provides the physical, market, and financial infrastructure required to establish and operate a thriving global business.
Source: msn.com
