Blockchain
The Middle East Blockchain Ecosystem “Crypto Oasis” is Expected to Reach 1000+ Organisations Target by Q2 2022
Innovation and disruption ignites surge within the Blockchain industry, and the local regulators are supporting the progress.
Key Highlights:
- The epicenter of the ecosystem – DMCC (Dubai Multi Commodities Center) – hosts now more than 230 Blockchain-specific organisations
- The entire Crypto Oasis aspires to see more than 1,000 Blockchain organisations in its ecosystem by the Q2 2022
Dubai, United Arab Emirates–(Newsfile Corp. – March 10, 2022) – Middle Eastern Blockchain Ecosystem Crypto Oasis anticipates reaching an organisation target of 1000 in Q2 2022. The Middle East has officially connected to the global Blockchain ecosystem in a way that expresses community and embodies excellence. Crypto Oasis, the larger ecosystem of Blockchain-related organisations initiated out of the UAE, developed a strong footing for innovative talent inspired by the successful Swiss Crypto Valley environment, as well as the UAE’s forward-thinking inventive leadership.
Crypto Oasis
Proponents of Crypto Valley in Switzerland, one of the world leading Blockchain ecosystems, formed a collaboration with DMCC in January 2020 during the World Economic Forum in Davos. In May 2021, DMCC Crypto Centre was launched in full force, and is with half of the Blockchain-based businesses registered within the freezone the core of the community.
“We have decided to bring our Crypto Valley experience and expertise to the Middle East because we believe in the region’s potential. We have witnessed how regulators in the region are welcoming innovation and disruption, making it simpler for Blockchain-related companies to secure licenses and operate. As of March 2021, this fast-growing ecosystem, reached over 700 organisations operating out of the UAE,” says Ralf Glabischnig, Initiator of the Crypto Oasis.
The ecosystem in the UAE builds on the foundations set into motion back in 2016 by the Dubai Blockchain Strategy under the Dubai Future Foundation. Crypto Valley’s foundation in Switzerland began with less than ten Blockchain organisations in 2014, and by end of 2021, it had grown to over 1,100 Blockchain-related businesses with over 6,000 people contributing to it. With these numbers and rapid growth, Swiss Crypto Valley offers expertise in disruptive technology and it is only natural that such a thriving ecosystem would extend its reach and broaden its horizons.
The organisations that are active in the Blockchain space can be broken down into two different kinds. Native Blockchain organisations, that have Blockchain technology as their primary focus and reason of origin, and non-native Blockchain organisations which offer services or products related to Blockchain and do not have Blockchain as their primary focus. Native companies are 40% of the total number and non-native companies that have adopted Blockchain are 60%.
During the last 18 months, talent from around the world has joined the “always open for business” environment of Dubai. Local and international investments have fueled the upcoming Blockchain industry with venture capitalists such as Draper Goren Holm and the Woodstock Fund from Silicon Valley, establishing their presence in the Crypto Oasis. Local players like Cypher Capital and GHAF Capital Partners amongst others have also started to deploy capital in the industry.
The growth in the sector will be further supported by forward looking regulations like the Dubai Virtual Asset Regulation Law which was announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai on March 9th 2022. The first-of-its-kind law to regulate virtual assets in Dubai will present an advanced legal framework to protect investors and promote responsible business growth within a virtual asset (VA) Industry governance. The Dubai Virtual Asset Regulatory Authority (VARA) will be responsible for the implementation of this law and will monitor digital transactions and protect the personal data of users.
The significance of Blockchain lies in its inherent transparency, trust and immutability. The Company’s ecosystem embodies these characteristics and offers unique value to their partners. As the Company work towards their vision for the Crypto Oasis, they look forward to welcoming more organisations and aspiring entrepreneurs to their growing Blockchain ecosystem.
About Crypto Oasis
The Crypto Oasis is a Middle East focused Blockchain Ecosystem supported by initiators of Crypto Valley Switzerland. Our core elements are Talent, Capital, and Infrastructure. Our stakeholders are Investors & Collectors, Start-Ups & Projects, Corporates, Science & Research Institutions, Service Providers and Government Entities & Associations. Crypto Oasis’ vision is to be one of the leading Blockchain Ecosystems in the world. Today it is the fastest growing, with more than 700 organisations in the UAE alone. Our mission is to grow this to over 1,000 established organizations across the region by Q2 2022. www.cryptooasis.ae
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For more information contact:
Faisal Zaidi
E-mail: [email protected]
Cell: +971 55 2000 840
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
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- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
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The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
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