Dubai’s Jumeirah Lake Towers gets 17-storey Crypto Tower

Dubai: International business district DMCC has inked a pact with REIT Development to launch a landmark ‘Crypto Tower’ in Jumeirah Lake Towers (JLT). The tower will support DMCC’s rapidly growing community of blockchain, DeFi (decentralized finance) and Web3 companies.

Crypto Tower will house 150,000 square feet of leasable space, including nine office floors and dedicated floors for blockchain incubators, venture capital and investment firms.

DMCC said in a statement on Wednesday that a dedicated floor will cater to artificial intelligence (AI) innovation powered by Chatoshi.ai.

The statement also stated that the tower will set a new standard for real estate and tenant management by using blockchain, on-chain voting, and smart contracts.

“Complementing the DMCC Crypto Centre’s existing headquarters in Uptown Tower, the new tower will add to DMCC’s ecosystem with an advanced space fostering innovation, collaboration and business growth,” the statement read.

Ahmed Bin Sulayem, Executive Chairman and CEO of 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, a gold bullion shop and a vault storage area, the tower will provide a range of cutting-edge facilities and services for the benefit of our members.”

Sulayem said, “The launch of Crypto Tower is both a real-world demonstration of the future of Web3, where transparency and ownership are ensured by blockchain technology and a statement of our intent as we continue to consolidate Dubai’s position as the world’s leading innovation hub.”

The development will feature a 10,000-square-foot indoor event space, complemented by a 3,500-square-foot outdoor area for crypto and blockchain events. The top three floors will house an exclusive 30,000-square-foot crypto club, providing premium networking and leisure amenities to foster high-level collaboration and networking within the blockchain community.

In addition to the core facilities, the Crypto Tower will include features such as 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.

Brenda Stratton, Communications Director, REIT Development, said, “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 industry transparency standard.”