Blockdaemon Expands Operations to UAE with New Abu Dhabi Office
Summary:
Blockchain infrastructure company Blockdaemon is expanding its presence to the United Arab Emirates with a new office in Abu Dhabi. This move comes with an aim to provide locally-based Web3 infrastructure solutions. The company's expansion follows its entry into the Asia-Pacific and EMEA regions earlier this year. In a previous funding round, Blockdaemon secured "unicorn" status with a valuation of around $1.255 billion. The company was also among eight others that committed to using the Stacks software, a prominent Bitcoin layer-2 network.
Blockdaemon, a leading blockchain infrastructure company, plans to extend its operations to the United Arab Emirates by opening a new branch in Abu Dhabi. The expansion, approved by the local Registration Authority of Abu Dhabi Global Market (ADGM), was formally announced on May 13. The firm intends to provide locally-based Web3 infrastructure solutions as part of its growth strategy, including making its node and validator infrastructure solutions accessible, along with its proprietary MPC wallet technology.
Blockdaemon's Chief Operating Officer, Amor Sexton, stated this move is an important step in bolstering the firm's presence in the UAE. Arvind Ramamurthy, Head of Market Development at ADGM, also supported the initiative, emphasizing their attempt to foster a supportive atmosphere for the development of Web3 firms. He expressed optimism towards the possibilities this approval could generate within the region, highlighting the company's goal to build institutional-grade infrastructure for blockchain protocols and conventional financial establishments. Blockdaemon did not share more detailed information regarding the expansion when Cointelegraph reached out.
This initiative marks Blockdaemon's continuous expansion efforts geographically. Earlier this year, in February, the company started operations in the Asia-Pacific region and entered the EMEA region in March. In September 2021, Blockdaemon achieved a major milestone by securing the "unicorn" status following a successful $155 million fundraising drive, bringing its valuation up to approximately $1.255 billion.
At the TOKEN 2049 event held in Dubai in April, Barnaby Hodgkins, Blockdaemon's Senior Manager of Growth Strategy, shared that institutional adoption in the blockchain and crypto industries is currently at its peak. However, he also pointed out potentials for further growth in the sector. On May 5, the firm was among eight companies that pledged to utilize the Stacks software, a leading Bitcoin layer-2 network that supports smart contracts.
Published At
5/13/2024 1:20:00 PM
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