Dubai Multi Commodities Centre (DMCC) and REIT Development have announced the construction of a 17-storey tower to support DMCC’s rapidly growing community of blockchain, DeFi and Web3 companies in Jumeirah Lakes Towers (JLT). 

 

The Crypto Tower will bolster DMCC's status as a global hub for innovation and advanced technologies, DMCC said.

 

Complementing the DMCC Crypto Centre’s existing headquarters in Uptown Tower, the new tower will add to DMCC’s ecosystem with an advanced space fostering innovation, collaboration and business growth.

 

The Crypto Tower will feature cutting-edge infrastructure and facilities, seamlessly integrated with advanced AI solutions powered by Chatoshi.ai. With over 150,000 sq ft of leasable space, the tower will feature nine floors of advanced offices tailored for crypto startups and established businesses. Three additional floors will support blockchain incubators, venture capital firms and investment companies, while a dedicated floor will cater to artificial intelligence (AI) innovation, powered by Chatoshi.ai.

 

The development will feature a 10,000-sq-ft indoor event space, complemented by a 3,500-sq-ft outdoor area for crypto and blockchain events. The top three floors will house an exclusive 30,000-sq-ft crypto club, providing premium networking and leisure amenities, designed to foster high-level collaboration and networking within the blockchain community.

 

In addition to the core facilities on offer, the Crypto Tower will include high-end features such as an NFT art gallery, a gold bullion shop, an exotic car dealership and a dedicated vault storage area offering 5,000 square feet of secure space for valuables including gold, cash and cold wallets. This multifunctional development will set a new standard for integrating technology, finance and lifestyle into one space, creating a seamless and secure environment for the world’s leading crypto players.

 

Blockchain technology will be used to streamline tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. In doing so, the tower will build greater trust and transparency and reduce administrative load, setting a new standard in community decision-making and management.

 

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “The Crypto Tower is a pioneering development that sits at the interface of blockchain, Web3 and real estate. The launch of Crypto Tower is both a real-world demonstration of the future of Web3, where transparency and ownership are ensured by blockchain technology, as well as a statement of our intent as we continue to consolidate Dubai’s position as the world’s leading innovation hub.”

 

Brenda Stratton, Communications Director, REIT Development, added: “By combining blockchain technology with real-world construction in Dubai's DMCC, we're creating a physical tower that serves as a central hub for the crypto community. Every expense is on-chain, setting a new standard for transparency in the industry.”

 

REIT Development, recognised for integrating advanced technology and sustainability into real estate, is at the helm of this transformative development. Construction is expected to be complete by Q1 2027, with full operations beginning shortly thereafter. - TradeArabia News Service