Crypto Oasis Thrives: UAE Blockchain Ecosystem sees Exponential Growth with 2,040 Active Organizations in Q1 2024
2024年5月8日 - 11:26AM
JCN Newswire
Crypto Oasis proudly presented the an update on the
ever-evolving UAE blockchain ecosystem during the second edition of
Dubai FinTech Summit 2024. Over the past year, The number of active
companies has surged from 1,800 to 2,040, marking a significant
13.3% YoY increase. This growth is a testament to the robustness
and innovation within the industry, which now has over 10,600
professionals, with a healthy mix of 71% native Blockchain
organizations and 29% non-native companies contributing to the
ecosystem.
The UAE Ecosystem proves to be a hub for innovation and a magnet
for attracting talent with over 10,600 individuals now working in
the space.
Key Highlights:
- Active companies within the ecosystem surged by a significant 13%
year-on-year, reaching a staggering record of 2,040
organizations.
- Marked increase in the industry workforce, with over 10,600
individuals working in the Blockchain space.
- Regulatory clarity drives crypto industry growth as major global
names such as Binance, Bybit, and OKX receive Virtual Asset Service
Provider (VASP) licenses from VARA.
Within the vibrant UAE blockchain ecosystem, a diverse array of
organizations contributes to its continuous success. Traders,
brokers, and asset managers form a significant segment, accounting
for 20.6%. Close behind, 19.9% are dedicated to technology and
advisory services. NFT platforms represent 6.9%, while venture
capitalists (VCs) make up 5.3%. The metaverse has a growing
presence with 3.7%, and Web3 gaming initiatives account for 3.1%.
Additionally, tokenization platforms are carving out a niche,
representing 1.5% of the Blockchain organisations in the
country.
The past year has been pivotal for the UAE blockchain space, with
notable developments that have solidified its position as a global
leader in blockchain innovation and disruption. VARA, the Virtual
Asset Regulatory Authority, has demonstrated a commitment to
responsible growth and intends to secure the market's integrity.
Regulatory tailwinds have helped establish the region as a
welcoming hub for blockchain enterprises.
Binance, Fasset, Hex Trust, Komainu and OKX are among the global
crypto service providers to receive the VASP (Virtual Asset Service
Provider) license from VARA last year. Regulatory milestones
include, Aquanow, Bybit, Crypto.com and Deribit receiving
preliminary licenses from VARA.
Throughout 2023, the UAE has seen a significant increase in
cryptocurrency adoption, reinforcing its status as a burgeoning
centre for digital finance. The XRP token from Ripple has been
approved under the Dubai Financial Services Authority (DFSA) and
Iota, an open-source distributed ledger focused on the Internet of
Things (IoT) announced the creation of the Iota Ecosystem DLT
Foundation in Abu Dhabi Global Markets (ADGM). Furthermore, the
launch of the Dubai Web3 and AI Campus at the DIFC last year has
positioned the UAE at the forefront of technological convergence,
attracting talent and investment from across the globe.
Other blockchain-related news that shows the ecosystem's remarkable
growth trajectory is the fact that the UAE-based Bitcoin miner
Phoenix Group became the first crypto-related firm to go public on
the Abu Dhabi Securities Exchange at the end of 2023. DFINITY, a
Layer 1 protocol, set up their regional hub, ICP.Hub GCC, is an
initiative to provide an access point for projects and developers
in the region into the Internet Computer Protocols Ecosystem.
The UAE has also become home to landmark blockchain events like
Ripple Swell and Cardano Summit in November last year, underscoring
the country's status as a premier destination for global Blockchain
discourse. TOKEN2049, a global conference series, had a premier
blockchain event in Dubai in April this year with over 400 side
events and over 20,000 attendees. The Dubai AI & Web3 Festival
planned for September 11-12, 2024 will be another feather in the
cap of the city, as it posed to attract top global thought leaders
to discuss the future of the Web3 and AI industry.
Ralf Glabischnig, co-founder of the Crypto Oasis said: "The Crypto
landscape in the UAE and Middle East region is the fastest growing
ecosystem worldwide. The government is doing for Blockchain what
Silicon Valley did for tech. This past year has been nothing short
of phenomenal for the Crypto Oasis Ecosystem. The surge in
companies and talent underscores the UAE's commitment to fostering
a vibrant blockchain and Web3 environment. We're excited to witness
the continued growth and innovative solutions emerging from this
dynamic ecosystem."
With a talented workforce and a commitment to innovation, the
Crypto Oasis is poised to continue its exceptional progress. The
Dubai FinTech Summit was a prime opportunity to witness the UAE's
flourishing Blockchain ecosystem firsthand and to present the
growth numbers of the ecosystem.
About Crypto Oasis
The Crypto Oasis is the largest Web3 ecosystem in the world focused
on the Middle East and Africa region and is supported by initiators
of the Crypto Valley Switzerland. The core elements needed for its
development are Talent, Capital, and Infrastructure. The
Ecosystem's stakeholders include Investors & Collectors,
Start-Ups & Projects, Corporates, Education & Research
Institutions, Service Providers, and Government Entities &
Associations. Crypto Oasis is the leading Blockchain ecosystem in
the world. Today it is the fastest growing, with more than 2,040
blockchain-related organizations in the UAE alone.
www.Cryptooasis.ae
For more information contact:
Faisal Zaidi
Crypto Oasis
faisal@Cryptooasis.ae
+971552000840
Source: Crypto Oasis
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