Blockdaemon, a Leading Wallet Provider, Expands its Operations to Abu Dhabi

• Blockchain infrastructure company, Blockdaemon, is extending its operations to Abu Dhabi, United Arab Emirates.
• The expansion has been approved by the Abu Dhabi Global Market (ADGM) Registration Authority.
• Blockdaemon’s move aligns with its strategy to provide and operate Web3 infrastructure solutions locally.

Blockdaemon, a prominent blockchain infrastructure company, is expanding its operations to Abu Dhabi, marking a significant stride in its global expansion strategy.

Blockdaemon’s Expansion to Abu Dhabi

Blockdaemon, a leading blockchain infrastructure company, is extending its operations to the Middle East by establishing a new office in Abu Dhabi, United Arab Emirates. The expansion has been approved by the Abu Dhabi Global Market (ADGM) Registration Authority, further strengthening Blockdaemon’s presence in the region. This move aligns with Blockdaemon’s strategy to provide and operate Web3 infrastructure solutions locally, including its node and validator infrastructure solutions, along with its self-hosted MPC wallet technology.

Implications of the Expansion

The expansion to Abu Dhabi is a significant stride for Blockdaemon, demonstrating its commitment to actively engage in and advance the Web3 revolution throughout the UAE and the broader MENA region. Arvind Ramamurthy, ADGM’s Chief of Market Development, echoed these sentiments, highlighting the supportive environment ADGM aims to create for the growth and success of Web3 companies. “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,” said Ramamurthy.

Blockdaemon’s Global Footprint

Blockdaemon’s move into Abu Dhabi is part of the company’s effort to expand its global footprint. In February 2022, Blockdaemon ventured into the Asia-Pacific region, followed by its initial expansion into the EMEA region in March of the same year. In September 2021, the company achieved unicorn status with a funding round that raised $155 million, bringing its total valuation to nearly $1.255 billion at the time.

Conclusion

Blockdaemon’s expansion into Abu Dhabi is a significant development in the blockchain infrastructure space. It not only strengthens the company’s global presence but also highlights the growing interest in cryptocurrency in the Middle East and North Africa (MENA) region. As the UAE continues to create a supportive regulatory environment for digital asset businesses, it is likely to attract more companies like Blockdaemon in the future.