Dubai Building 17-Storey Crypto Tower with 150,000 Sq Ft for Blockchain Firms

The Dubai government is developing a 17-story Crypto Tower to support businesses relating to blockchain, Web3, and DeFi.  The government is building the tower following a partnership between Dubai’s Multi Commodities Center (DMCC) and REIT Development. According to a report from Emirates 24/7, the Crypto Tower is currently under construction in Jumeirah Lakes Tower (JLT), Dubai.  Features of the Crypto Tower  Notably, the proposed crypto tower will feature nine office floors. Blockchain incubators, VCs, and other investment companies will occupy three floors, with an extra floor dedicated to AI innovation.  Other amenities include a gold bullion shop and a vault storage area for storing valuables like gold and cold wallets.   The top three floors will be a crypto club for networking and leisure. Furthermore, it will provide 150,000 square feet of leasable space for companies hoping to operate within the hub.  Notably, the tower is expected to complement DMCC’s existing crypto center, providing an advanced space for fostering innovation.  Developers will equip the tower with state-of-the-art facilities and cutting-edge technology, integrating them with advanced AI solutions. In addition to the core amenities, the hub will feature notable facilities, including an exotic car shop and an NFT gallery.  Dubai Crypto Tower to be Completed in Q1 2027  The building is set to be completed by the first quarter of 2027, two years from now. Upon completion, it will use blockchain for tenant interactions and transactions via smart contracts and on-chain voting.  Through this initiative, the tower will not only enhance transparency but also mitigate administrative burdens.  DMCC and REIT Execs React  Commenting on the development, DMCC Chairman Ahmed Bin Sulayem emphasized that the soon-to-be-completed Crypto Tower will sit at the interface of real estate, blockchain, and Web3.  He opined that it showcases the future of Web3 and leverages blockchain to guarantee transparency and ownership.  Brenda Stratton, REIT's Communication Director, also issued a statement about the Crypto Tower's ongoing development.  “By combining blockchain tech with real-world construction in Dubai's DMCC, we're constructing a physical tower that serves as a foremost hub for the crypto community,” Stratton said.  It is worth noting that Dubai has continued to lead the charge in blockchain adoption in the United Arab Emirates. Unlike most cities, Dubai has friendly regulations for its crypto sector, attracting businesses like Ripple, which is currently embroiled in a multi-year lawsuit in the United States.