Dubai to Build Crypto Tower for Web3

DMCC, a leading international business district in Dubai, together with REIT Development, has announced the construction of the Crypto Tower in the Jumeirah Lakes Towers (JLT) area. This 17-story complex will serve as a new hub for companies working in blockchain, decentralized finance (DeFi), and Web3, according to the statement.

Features and Functionality

Crypto Tower will offer more than 150,000 square feet (~14,000 sq m) of leasable space. Nine floors will be allocated to offices for cryptocurrency startups and major companies, three floors will be dedicated to blockchain incubators and venture capital funds (VCs), and one floor will be fully devoted to AI innovations in partnership with Chatoshi.ai solutions.

Blockchain technology will streamline interactions with tenants by implementing on-chain voting mechanisms, smart contracts, and other automated services. This approach aims to ensure transparency, build trust, and minimize administrative costs.

The Crypto Tower will be an example of integrating modern technologies and solutions. Notable features include:

• 10,000 square feet (~929 sq m) of enclosed event space and 3,500 square feet (~325 sq m) of open-air space
• 30,000 square feet (~2,787 sq m) of exclusive crypto club space on the upper floors, providing networking and leisure areas
• An NFT gallery, a gold bullion store, an auto showroom with exclusive vehicles, and a 5,000-square-foot (~464 sq m) vault for valuable assets, including cold wallets

Statements from Project Participants

Ahmed Bin Sulayem, Chairman and CEO of DMCC, noted that the Crypto Tower will be a practical embodiment of Web3’s future. He emphasized that integrating blockchain technology will ensure transparency and trust in managing the facility.

“Every detail of project expenses will be tracked on the blockchain, setting a new standard for transparency,” added Brenda Stratton, Communications Director at REIT Development.

Construction is expected to be completed by the first quarter of 2027.

This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.