Blockdaemon Receives Approval in Abu Dhabi to Expand Presence in UAE

Blockchain Infrastructure Blockdaemon, a prominent institutional-grade blockchain infrastructure company, has recently 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 commence operations in Abu Dhabi and establish a new office in the region, signaling its commitment to the UAE market.

With this approval, Blockdaemon aims to lead the way for other Web 3.0 companies looking to establish themselves in the UAE. The company plans to offer its Web3 infrastructure solutions and self-hosted MPC wallet technology locally, paving the way for the success of similar firms in the region. ADGM has expressed support for Blockdaemon’s expansion plans, with the regulator’s chief of market development, Arvind Ramamurthy, emphasizing the importance of creating a conducive environment for web3-based firms to thrive.

Ramamurthy stated, “The decision of a prominent institutional-grade blockchain infrastructure company to expand in this region with ADGM underscores the progressive regulatory environment offered by our international financial center.” He believes that Blockdaemon’s expansion could unlock new opportunities within the region, especially given the company’s track record of developing infrastructure for blockchain protocols and traditional financial institutions.

This approval in Abu Dhabi is not the first time Blockdaemon has ventured into new markets. The company has been actively expanding its presence, with previous efforts in the Asia-Pacific (APAC) region and the Europe, the Middle East, and Africa (EMEA) region. In September 2021, Blockdaemon achieved unicorn status after a successful funding round that valued the company at $1.255 billion. Following a recent series C funding round, Blockdaemon’s valuation has now reached approximately $3.25 billion.

The approval from ADGM marks a significant milestone for Blockdaemon as it continues to solidify its position as a key player in the blockchain infrastructure space. By expanding its presence in the UAE, Blockdaemon is poised to drive innovation and growth in the region’s burgeoning blockchain ecosystem.