Dubai's Crypto Oasis to add 1,000 Blockchain Organisations

HiDubai Newswire -

Crypto Oasis, a Middle East-focused blockchain network based out of the Dubai Multi Commodities Centre (DMCC), has established a solid foundation for inventive talent inspired by the successful Swiss Crypto Valley environment.

The firm collaborated with DMCC in January 2020, and in May 2021, DMCC Crypto Centre was operational.

“We decided to bring our Crypto Valley experience and expertise to the Middle East because we believe in the region’s potential. We have witnessed how regulators in the region are welcoming innovation and disruption, making it simpler for blockchain-related companies to secure licences and operate. As of March 2021, this fast-growing ecosystem reached over 700 organisations operating out of the UAE,” said Ralf Glabischnig, initiator of the Crypto Oasis, at a press conference on Thursday.

The press conference also highlighted the blockchain landscape in the region showcased new experts in the field with art projects using NFTs and leading to the Metaverse.

Meanwhile, the Crypto Valley’s foundation in Switzerland began with less than 10 blockchain organisations in 2014 and expanded to over 1,100 by the end of 2021, with over 6,000 individuals contributing.

During the last 18 months, talent from around the world has joined Dubai’s ‘always open for business’ environment. Local and international investments have fuelled the upcoming blockchain industry with venture capitalists such as Draper Goren Holm and the Woodstock Fund from Silicon Valley, establishing their presence in the Crypto Oasis. In addition, local players like Cypher Capital and GHAF Capital Partners, amongst others, have also started to deploy capital in the industry.

“The significance of blockchain lies in its inherent transparency, trust and immutability. Our ecosystem embodies these characteristics and offers unique value to our partners. As we work towards our vision for the Crypto Oasis, we look forward to welcoming more organisations and aspiring entrepreneurs to our growing Blockchain ecosystem,”

said the company in a statement.

News Source: Gulf Business