A partnership with DMCC in January 2020 during the World Economic Forum in Davos was the precursor to the establishment of the regional Ecosystem now known as the ‘Crypto Oasis’. During the May 2022 World Economic Forum in Davos, the Crypto Oasis team proudly announced that the Ecosystem has already identified 1,000+ Blockchain Organisations ahead of the 2022 target.
- The Crypto Oasis Ecosystem has identified over 1,000 organisations in the UAE, a milestone that had initially been forecasted for the end of 2022.
- The updated target is to have over 1,500 organisations identified in the Ecosystem by end of the year.
- The Middle East is proving to be a hub for Blockchain activity and it has attracted major international Crypto Exchanges in recent months.
Dubai, United Arab Emirates–(Newsfile Corp. – May 25, 2022) – Crypto Oasis, the expansive ecosystem of Blockchain-related organisations initiated out of the UAE, is growing faster than anticipated. The benchmark of 1,000 Blockchain organisations in the ecosystem, which had been the original expectation for the end of 2022, has already been achieved ahead of time. Reaching this milestone 7 months in advance stands representative for the growth rate across the Blockchain landscape in the Middle East.
The strength of the Crypto Oasis Ecosystem and its growth can also be attributed to excellent initiatives taken by the UAE Government, which has been welcoming and fostering the development of this new industry for many years. From the Dubai Blockchain strategy initiated back in 2016 until this year, when His Highness Sheikh Mohammed bin Rashid Al Maktoum announced The Dubai Metaverse Strategy last month. This latest initiative aims to increase the contribution of the metaverse sector to the Emirate’s economy to $4 billion by 2030. Headed by Dubai’s Crown Prince, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Dubai Metaverse Strategy also intends to ensure that the metaverse increases its contribution to 1 percent of the Emirate’s GDP.
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 but do not have Blockchain as their primary focus. Native organisations account for 53% of the total number and non-native organisations that have adopted Blockchain are 47%.
From Binance, Crypto.com, Kraken to XT.com, some of the largest players in the Blockchain world are now setting up in the Middle East. The entry of various major international crypto exchanges proves the region has become an international hub for Blockchain.
Ralf Glabischnig, Founder of Crypto Oasis said about crossing the 1,000 organisations threshold, “This is an exciting time for us as we exceed expectations considerably month after month. Our target for the year has been achieved already and we’re anticipating exceptional growth in the future. The first months of 2022 have already shown that the key pillars of growing and building the Ecosystem are talent, capital and infrastructure. We believe we are still at an early stage but with the speed of development and growth that we see day by day across the community in this region, we look forward to further advancing the Blockchain economy in the Middle East.”
As regulators in the region welcome innovation and disruption, it is simpler for Blockchain related companies to secure a license and operate. The revised expectation for the number of organisations in the UAE Ecosystem by the end of 2022 is now 1,500 organisations from the 1,000 already achieved.
The significance of Blockchain lies in its inherent transparency, trust, and immutability. The Crypto Oasis Ecosystem embodies these characteristics and offers unique value to its community. The expeditious achievement of this milestone for the Middle East has surpassed expectations as the Crypto Oasis grows and expands by welcoming new countries, organisations and aspiring entrepreneurs to this growing Blockchain Ecosystem.
About Crypto Oasis
The Crypto Oasis is a Middle East focused Blockchain Ecosystem supported by initiators of Crypto Valley Switzerland. The core elements needed for its growth are Talent, Capital, and Infrastructure. The Ecosystem’s stakeholders include 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 1,000 organisations in the UAE alone. The forecast is to identify over 1,500 established organisations across the region by the end of 2022. www.cryptooasis.ae
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