Dubai not only leads the global real estate market with the most promising developments for the future, but it also plans to venture into the cryptocurrency universe with a new innovation. The developer company Dubai DMCC intends to build the first “Crypto Tower” in the city, drawing inspiration from locations like Tokyo.
Although technological innovations are not unusual in a place like Dubai, companies are looking beyond and aiming to stay at the forefront. Thus, they are beginning to consider that digital assets are a necessary tool for transactions and will soon become the most widely used currencies. In addition to this tower, Tokyo is planning to open the first Bitcoin hotel.
What the first Crypto Tower in Dubai will look like
The plans are ambitious, and Dubai doesn’t want to fall behind in terms of innovation. In this case, the Dubai Multi Commodities Centre (DMCC) and REIT Development have confirmed that they will apply blockchain technology in this new building for interactions between tenants and landlords. This place will be dedicated to offices operating with these digital assets and everything related to their universe.
DMCC authorities confirmed that this project will include nine floors for companies in the sector, with three dedicated to blockchain companies, another for new artificial intelligence initiatives, as well as a cryptocurrency club and an artistic space for non-fungible tokens (NFTs).
Other cryptocurrency projects promised in Dubai
DMCC has confirmed that this project will be completed in 2027 and, although it may seem unusual, it was not the first promised in Dubai. In 2023, the idea to build a Bitcoin Tower in the city was confirmed, led by Salvatore Leggiero, who at the time declared his intention to create a decentralized autonomous organization (DAO) with this initiative. This tower would have both a virtual version, launched in the metaverse, and a physical version in the city.
At the time, Leggiero commented to local media about his dream of combining his passion for real estate and his experience with bitcoin to position the United Arab Emirates in the global cryptocurrency world. “The idea is to mark the evolution of the real estate sector and the revolution in the hospitality market. Bitcoin Tower will be the first of a chain. That is my dream,” he said back then, although no further details of the project have been revealed.
Beyond Dubai: other bitcoin projects in the world
The idea of cryptocurrency-related buildings is not exclusive to developers in Dubai but is also being pursued elsewhere. In Tokyo, the launch of a Bitcoin Hotel is planned under the direction of Bitcoin Metaplanet, scheduled to open in the first quarter of 2025. Just like Dubai’s Crypto Tower, this site will feature museums, a bitcoin gallery, and coworking spaces. Similarly, IKAR Holdings, based in London, has also confirmed plans to create a series of these resorts that operate with this digital asset.
Beyond these plans, even more ambitious initiatives exist, such as Satoshi Island, announced in 2021. This project promises the creation of a cryptocurrency island, designed for experts in the field, with a deregulated system where users can trade using this currency. The chosen location is near Vanuatu and, according to recent reports, the construction process is still under review.
