Landmark 17-story Crypto Tower for DeFi and Web3 companies announced in Dubai

DMCC and REIT Development have revealed plans to build a first of its kind 17-story ‘Crypto Tower’ in Jumeirah Lakes Towers (JLT), Dubai.

A local news outlet reported the plan on 15 January, stating that the tower is meant to support the teeming blockchain, DeFi and web3 companies in DMCC, Dubai’s leading international business district.

The tower will set an example of the use of blockchain technology in real estate and tenant management with use of blockchain, on-chain voting and smart contracts.

Responding to Dubai’s growing crypto community

Dubai, and the UAE in general, have been a major hub for blockchain and cryptocurrencies in the last few years, which is the reason that the new tower was built.

The tower is expected to provide 150,000 square feet of leasable space including nine office floors, with dedicated floors for blockchain incubators, VC and investment firms, and AI innovation.

Serving as a complementary building to DMCC Crypto Centre’s existing headquarters in Uptown Tower, the Crypto Tower will provide cutting-edge infrastructure and state-of-the-art facilities, seamlessly integrated with advanced AI solutions powered by Chatoshi.ai. 

It will also serve as an example of the use of blockchain technology to streamline tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services.

Among other things, this will bring greater trust and transparency and reduce administrative load to bring about greater efficiency. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: 

“The Crypto Tower is a pioneering development that sits at the interface of blockchain, Web3 and real estate. With over 150,000 square feet of leasable space, including nine office floors, three dedicated floors for blockchain incubators, an AI innovation floor, a crypto club, gold bullion shop and vault storage area, the tower will provide a range of cutting-edge facilities and services for the benefit of our members.”

The tower will also have an NFT art gallery, a gold bullion shop, an exotic car dealership and a dedicated vault storage area offering 5,000 square feet of secure space for valuables including gold, cash and cold wallets. 

Setting pace for transparency

As all transactions in the tower will be on-chain, this will set a new pace for financial transparency, according to Brenda Stratton, Communications Director, REIT Development.

“By combining blockchain technology with real-world construction in Dubai’s DMCC, we’re creating a physical tower that serves as a central hub for the crypto community. Every expense is on-chain, setting a new standard for transparency in the industry.”

The construction of the tower is scheduled to be completed in the first quarter of 2027, and full operations are expected to kick off thereafter.