Coinspeaker Blockchain Infrastructure Blockdaemon Bags Approval in Abu Dhabi to Expand UAE Presence
Blockdaemon has announced its plans to spread its tentacles and gain more foothold in the United Arab Emirates (UAE). This follows after it recently got a nod of approval from the local Registration Authority of Abu Dhabi Global Market (ADGM).
As a result of this approval, Blockdaemon is now licensed to begin its operations in Abu Dhabi, starting with a new office in the region.
Blockdaemon Shares Its UAE Expansion Plans
With its new approval, Blockdaemon is looking to set the pace for other Web 3.0 companies to emulate. By making its Web3 infrastructure solutions available locally in the UAE, alongside its self-hosted MPC wallet technology, the firm hopes to pioneer the success story of other similar companies in the region.
Interestingly, ADGM has also issued a statement that seems to align with Blockdaemon’s ambitions for securing the approval. The regulator’s chief of market development, Arvind Ramamurthy, noted that the move is part of a calculated attempt to create a foundation for the growth and success of other web3-based firms. Ramamurthy said in a statement:
“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.”
Ramamurthy is fairly certain that the latest approval could unlock certain opportunities within the region. Besides, with Blockdaemon developing institutional-grade infrastructure for blockchain protocols and traditional financial institutions, the anticipation might not be exactly far-fetched.
Previous Expansion Efforts
The latest approval signals Blockdaemon’s keen interest in the UAE region. However, even before now, it has been making several strategic expansion efforts in the past.
In February 2022, it forayed into the Asia-Pacific (APAC) region before making its first move to the Europe, the Middle East, and Africa (EMEA) region less than a month later.
By September 2021, the firm had achieved unicorn status following a $155 million raise that brought its valuation to 1.255 billion at the time. More recently, Coinspeaker reported that the firm now has a valuation of about $3.25 billion after completing a series C funding round
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Blockchain Infrastructure Blockdaemon Bags Approval in Abu Dhabi to Expand UAE Presence