The Dubai Multi Commodities Centre (DMCC) has announced its partnership with REIT Development. Together, they will build a monumental Crypto Tower in the busy district of Jumeirah Lakes Towers (JLT).
The tower will be 17 stories high and cover a landmass of over 150,000 square feet. It features nine floors, each targeting a unique aspect of the crypto industry.
Three floors are for blockchain launchpads, venture capital firms, and crypto investment companies.
The topmost three floors cover a 30,000-square-foot area. It is a crypto club space for hosting networking events with modern leisure amenities. One floor will support artificial intelligence (AI) ventures.
Additionally, spaces for a gold bullion shop and a vault storage area covering 5,000 feet for storing valuables like gold and cash will be made available. The 3500-square-foot outdoor area is for open-air crypto and blockchain events.
New Crypto Tower to Position Dubai as the World’s Leading Innovation Hub, Says DMCC CEO
Speaking on the tower’s grand plans, DMCC executive chairman and CEO Ahmed Bin Sulayem mentioned that the tower will hold an NFT gallery and an exotic car dealership. The DMCC CEO further stated that the launch of the crypto tower will validate Dubai as the world’s leading innovation hub.
In the past, The DMCC has launched several crypto projects, placing Dubai on the radar of blockchain innovation. In 2021, they launched the DMCC Crypto Centre in partnership with Switzerland’s CV Labs. The Crypto Centre now caters to over 600 blockchain companies. The new DMCC Crypto Tower will complement Dubai’s efforts to leverage blockchain technology.
According to Brenda Stratton, Communications Director, REIT Development, the 17-story crypto tower will be completed by the first quarter of 2027. Every expense from the project is to be processed on-chain, which shows the determination to set a new standard of transparency in the industry. The real estate company aims to lead the mission of building a historic crypto tower. It would serve as the ideal central hub for the crypto community in Dubai’s leading international business district.
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