Blockchain infrastructure firm Blockdaemon has received approval to expand its operations in the United Arab Emirates (UAE) by establishing a new office and legal entity in Abu Dhabi. This move signifies a significant step for Blockdaemon as it seeks to bolster web3 adoption and drive the institutional acceptance of blockchain technology within the region.

The green light for expansion was granted by the Abu Dhabi Global Market (ADGM) Registration Authority, paving the way for Blockdaemon to offer its suite of web3 infrastructure solutions directly within the UAE. This includes providing access to its node and validator infrastructure solutions, along with its self-hosted MPC wallet technology.

Blockdaemon‘s expansion into Abu Dhabi aligns with the UAE’s growing embrace of blockchain technology. The government has actively pursued initiatives to position the country as a hub for innovation in the blockchain space. Blockdaemon’s presence will contribute to this vision by offering businesses and institutions the tools and resources they need to explore and leverage the potential of web3 technologies.

Specific details regarding the services Blockdaemon will offer in the UAE are yet to be revealed. However, the company’s focus on providing institutional-grade solutions suggests it will cater to established businesses and organizations seeking secure and reliable access to the blockchain ecosystem.

This development comes amidst a surge in interest in web3 technologies across the globe. Decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse are just a few areas witnessing significant growth, and Blockdaemon’s expansion into the UAE positions it to be a key player in facilitating this growth within the region.