Dubai’s Jumeirah Lake Towers (JLT) is set to welcome a groundbreaking 17-storey Crypto Tower, a landmark project launched by DMCC in partnership with REIT Development. The tower will support the expanding blockchain, decentralized finance (DeFi), and Web3 ecosystem in the region.

Spanning 150,000 square feet of leasable space, the tower will include nine office floors and dedicated areas for blockchain incubators, venture capital firms, and AI innovation powered by Chatoshi.ai. A statement from DMCC emphasized the use of blockchain technology for tenant management, including on-chain voting and smart contracts.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, described the project as a pioneering effort merging blockchain and real estate. “The Crypto Tower is a real-world demonstration of the future of Web3, showcasing transparency and ownership through blockchain,” he said in the statement, according to Gulf News.

The tower will also feature a 10,000-square-foot indoor event space and a 3,500-square-foot outdoor area for blockchain-related events. The top three floors will house a 30,000-square-foot exclusive crypto club, designed for high-level networking and collaboration.

Additional amenities include an NFT art gallery, a gold bullion shop, an exotic car dealership, and a 5,000-square-foot secure vault for valuables like gold, cash, and cold wallets. Brenda Stratton, Communications Director at REIT Development, highlighted the tower as a central hub for the crypto community, noting that all expenses are recorded on-chain to ensure transparency.

This ambitious project is positioned to further cement Dubai’s standing as a global hub for innovation and blockchain technology.