Blockdaemon has received approval for its ambitious expansion plans in the United Arab Emirates (UAE), marking a significant milestone for the blockchain infrastructure firm. The company is set to establish a new office and entity in Abu Dhabi, signaling its commitment to fostering web3 growth and facilitating institutional-grade adoption in the region.

The expansion initiative gained the greenlight from the local Registration Authority of Abu Dhabi Global Market (ADGM), underscoring Blockdaemon's strategic vision and alignment with the regulatory framework of the UAE. This move aims to enhance accessibility to web3 infrastructure solutions within the UAE, with a focus on providing node and validator infrastructure solutions, as well as self-hosted MPC wallet technology tailored to the regional market.

Amor Sexton, Blockdaemon's Chief Operating Officer, expressed enthusiasm about the expansion, highlighting its significance in bolstering the company's presence in the UAE. Sexton emphasized that this strategic move represents a pivotal step forward for Blockdaemon, aligning its operations with the burgeoning web3 landscape in the region.

Arvind Ramamurthy, Chief of Market Development at ADGM, echoed Sexton's sentiments, emphasizing the progressive regulatory environment fostered by ADGM. Ramamurthy underscored ADGM's commitment to nurturing a conducive ecosystem for Web3 companies, emphasizing the potential unlocked by Blockdaemon's expansion approval.

Blockdaemon specializes in developing institutional-grade infrastructure tailored for blockchain protocols, catering to both crypto-native and traditional financial institutions. The company's expansion into Abu Dhabi follows its strategic initiatives to bolster its presence across different regions. Previously, Blockdaemon expanded into the Asia-Pacific region in February 2022 and subsequently ventured into the EMEA region in March of the same year.

The company's remarkable growth trajectory was underscored in September 2021 when it achieved "unicorn" status following a substantial $155 million raise, catapulting its valuation to approximately $1.255 billion at the time. At the TOKEN 2049 event held in Dubai in April, Blockdaemon's senior manager of growth strategy, Barnaby Hodgkins, emphasized the surging institutional adoption within the blockchain and crypto industries. Despite reaching record levels, Hodgkins noted that there is still ample room for growth, highlighting the ongoing evolution of the sector.

In a testament to its commitment to innovation and collaboration, Blockdaemon recently announced its partnership with Stacks software, becoming one of eight companies committed to leveraging the leading Bitcoin layer-2 network with smart contract functionality. This strategic collaboration underscores Blockdaemon's dedication to advancing blockchain technology and driving adoption across diverse ecosystems.