Blockchain infrastructure company Blockdaemon is expanding its operations in the Middle East by opening a new office and establishing an entity in Abu Dhabi, United Arab Emirates.
The expansion has been approved by the Abu Dhabi Global Market (ADGM) Registration Authority, strengthening Blockdaemon’s presence in the region.
The announcement on May 13 highlighted that Blockdaemon’s expansion aligns with its strategy to provide and operate Web3 infrastructure solutions locally. This includes offering its node and validator infrastructure solutions in the UAE, along with its self-hosted MPC wallet technology.
Amor Sexton, Blockdaemon’s Chief Operating Officer, described the expansion as a “significant stride” for the company. “It demonstrates our commitment to actively engage in and advance the Web3 revolution throughout the UAE and the broader MENA region,” he added.
Arvind Ramamurthy, ADGM’s Chief of Market Development, echoed Sexton’s sentiments, highlighting the supportive environment ADGM aims to create for the growth and success of Web3 companies. “The decision of a prominent institutional-grade blockchain infrastructure company to expand in this region with ADGM underscores the progressive regulatory environment offered by our international financial center,” said Ramamurthy.
Blockdaemon’s move into Abu Dhabi is part of the company’s effort to expand its global footprint. In February 2022, Blockdaemon ventured into the Asia-Pacific region, followed by its initial expansion into the EMEA region in March of the same year. In September 2021, the company achieved unicorn status with a funding round that raised $155 million, bringing its total valuation to nearly $1.255 billion at the time.
The approval aligns with the Abu Dhabi Global Market’s broader regulatory framework on digital ledger technology (DLT), introduced on November 1. The DLT Foundations Regulations, part of an initiative that began in 2018, aim to regulate blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs), and traditional foundations involved in DLT.
The United Arab Emirates, particularly active in the cryptocurrency sector, is creating a regulatory environment to attract digital asset businesses. This initiative aligns with the growing interest in cryptocurrency in the Middle East and North Africa (MENA) region.
