In order to introduce a historic “Crypto Tower” at Jumeirah Lake Towers (JLT), the International Business District DMCC has signed an agreement with REIT Development. DMCC’s fast expanding ecosystem of Web3 enterprises, blockchain, and DeFi (decentralized finance) will be supported by the tower.
150,000 square feet of leasable space, comprising nine stories of offices and floors set aside for blockchain incubators, venture capital, and investment businesses, will be housed in the Crypto Tower.
According to a statement released by DMCC on Wednesday, Chatoshi.ai will enable artificial intelligence (AI) innovation on a dedicated floor.
According to the release, the skyscraper will use smart contracts, blockchain, and on-chain voting to raise the bar for real estate and tenant management.
“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 statement read.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said, “The Crypto Tower is a pioneering development that sits at the interface of blockchain, Web3 and real estate. With over 150,000 square feet of leasable space, including nine office floors, three dedicated floors for blockchain incubators, an AI innovation floor, a crypto club, a gold bullion shop and a vault storage area, the tower will provide a range of cutting-edge facilities and services for the benefit of our members.”
Sulayem said, “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 and a statement of our intent as we continue to consolidate Dubai’s position as the world’s leading innovation hub.”
Crypto Tower
The development will have a 3,500-square-foot outdoor space for blockchain and cryptocurrency events in addition to a 10,000-square-foot inside event space. An exclusive 30,000-square-foot crypto club will be located on the top three floors, offering first-rate leisure and networking facilities to promote elite networking and collaboration within the blockchain ecosystem.
Aside from the main amenities, the Crypto Tower will have features like an exotic automobile dealership, a gold bullion store, an NFT art gallery, and a vault storage room that offers 5,000 square feet of safe space for assets including cash, gold, and cold wallets.
Brenda Stratton, Communications Director, REIT Development, said, “By combining blockchain technology with real-world construction in Dubai’s DMCC, we’re creatindg a physical tower that serves as a central hub for the crypto community. Every expense is on-chain, setting a new industry transparency standard.”
