Blockdaemon Receives Approval in Abu Dhabi for UAE Expansion

Blockchain Infrastructure Blockdaemon has received approval from the local Registration Authority of Abu Dhabi Global Market (ADGM) to expand its presence in the United Arab Emirates (UAE). This approval allows Blockdaemon to establish operations in Abu Dhabi, with plans to open a new office in the region.

The approval signifies a significant milestone for Blockdaemon as it looks to solidify its position in the UAE and set an example for other Web 3.0 companies to follow. By offering its Web3 infrastructure solutions and self-hosted MPC wallet technology locally, Blockdaemon aims to pave the way for the success of similar companies in the region.

Arvind Ramamurthy, the chief of market development at ADGM, expressed optimism about Blockdaemon’s expansion in the region, highlighting the progressive regulatory environment offered by the international financial center. Ramamurthy believes that the approval could unlock new opportunities for web3-based firms in the UAE.

This latest approval is part of Blockdaemon’s ongoing efforts to expand its presence globally. In the past, the company ventured into the Asia-Pacific (APAC) region in February 2022 before making its move to the Europe, the Middle East, and Africa (EMEA) region shortly after. By September 2021, Blockdaemon achieved unicorn status with a valuation of $1.255 billion following a $155 million raise. Recently, the company’s valuation has soared to approximately $3.25 billion after completing a series C funding round.

Blockdaemon’s expansion in Abu Dhabi underscores its commitment to providing institutional-grade infrastructure for blockchain protocols and traditional financial institutions. With the approval from ADGM, the company is poised to make a significant impact in the UAE’s blockchain ecosystem and contribute to the growth of the industry in the region.