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Blockdaemon Secures Regulatory Approval for Abu Dhabi Office and Entity

Abu Dhabi

Blockdaemon, a leading blockchain infrastructure provider, has announced its expansion into the United Arab Emirates (UAE) with a new office and legal entity established in Abu Dhabi. This move, approved by the Abu Dhabi Global Market (ADGM) Registration Authority on May 13, 2024, signifies a significant stride for Blockdaemon’s growing presence in the region.

Blockdaemon aims to actively participate in the UAE’s Web3 development by providing its institutional-grade infrastructure solutions within the country. This includes offering access to their node and validator infrastructure, along with their self-hosted MPC wallet technology.

Strategic Partnership with ADGM

Amor Sexton, COO of Blockdaemon, expressed the company’s enthusiasm for this expansion, highlighting it as a “significant stride” in solidifying their presence within the UAE market. Arvind Ramamurthy, Chief of Market Development at ADGM, echoed this sentiment, emphasizing their commitment to fostering a welcoming environment for 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,” stated Ramamurthy. He further expressed anticipation for the growth opportunities this collaboration will unlock within the region.

Blockdaemon’s Focus on Institutional Adoption

Blockdaemon has consistently focused on developing robust infrastructure solutions tailored for blockchain protocols, catering to both crypto-native and traditional financial institutions. Their expansion into Abu Dhabi aligns with this core mission, aiming to accelerate institutional adoption of blockchain technology within the UAE.

This expansion follows a series of strategic moves undertaken by Blockdaemon to solidify their global presence. Notably, they expanded into the Asia-Pacific region in February 2022, followed by their entry into the EMEA region in March 2022. Additionally, Blockdaemon achieved unicorn status in September 2021 after securing a $155 million funding round, propelling their valuation to a staggering $1.255 billion at the time.

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Blockdaemon’s continued dedication to innovation is further evidenced by their recent commitment to the Stacks software. On May 5, 2024, they joined a group of eight prominent companies to actively utilize Stacks, a leading Bitcoin layer-2 network offering smart contract functionalities.

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