Blockchain infrastructure firm Blockdaemon has received the green light to expand its presence in the United Arab Emirates (UAE) with a new office and entity in Abu Dhabi. This strategic move aims to promote Web3 growth and push for institutional-grade adoption in the region. The expansion plans were approved by the local Registration Authority of Abu Dhabi Global Market (ADGM) on May 13.

Blockdaemon will operate and provide Web3 infrastructure solutions locally in the UAE, offering its node and validator infrastructure solutions, as well as its self-hosted MPC wallet technology. This move marks a significant stride for the company in bolstering its presence in the UAE region.

The chief operating officer of Blockdaemon, Amor Sexton, expressed enthusiasm for the expansion, stating that it demonstrates the company's commitment to the region. Arvind Ramamurthy, the chief of market development at ADGM, echoed this sentiment, highlighting the progressive regulatory environment offered by ADGM, which aims to create an environment conducive to the growth and success of Web3 companies.

Blockdaemon focuses on developing institutional-grade infrastructure for blockchain protocols, crypto-native, and traditional financial institutions. The company has been gradually expanding its presence in various regions, including the Asia-Pacific and EMEA regions. In September 2021, Blockdaemon secured a $155 million raise, increasing its total valuation to around $1.255 billion.

The expansion into Abu Dhabi comes at a time when institutional adoption in the blockchain and crypto industries is at an all-time high, according to Blockdaemon's senior manager of growth strategy, Barnaby Hodgkins. The company recently committed to using the Stacks software, a leading Bitcoin layer-2 network with smart contract functionality.

This move is expected to unlock new opportunities for Web3 growth and adoption in the UAE region, further solidifying Blockdaemon's position as a leading blockchain infrastructure firm. As the blockchain and crypto industries continue to evolve, this expansion highlights the potential for institutional-grade adoption and the growth of Web3 technologies in the region.