Over 1,000 Firms Expected to Join Crypto Space in UAE by 2022 End, Expert Says

During the Top CEO event in Dubai, Crypto Oasis co-founder Saqr Ereiqat opined that at least 1,000 companies would enter the crypto space in the United Arab Emirates (UAE) by the end of the year under a fast-paced ecosystem, according to Arab News.  

The Dubai-based venture building company operates in the blockchain sector and has sealed 24 investment opportunities since the start of the year. Ereiqat noted:

“That is a testament to this fast-paced, growing ecosystem we operate in.”

He added that the Middle East has a blockchain environment that is still untapped despite abundant talent, capital, and infrastructure. 

To bridge this gap, Crypto Oasis plans to invest in the top 10% of companies in the space. Ereiqat pointed out:

“We want to make strategic investments where we invest $50,000 to $250,000 in many projects, riding the wave with the ecosystem.”

Therefore, the firm aims to establish a blockchain/crypto valley in the UAE. Ereiqat acknowledged:

“Crypto Oasis is creating the same infrastructure and geography as Silicon Valley but for the blockchain and crypto ecosystem.” 

The UAE continues to gain more limelight because the nation’s interests are changing from oil to crypto and metaverse, among other blockchain innovations. 

Raj Chowdhury, the CEO of blockchain development company HashCash Consultants, noted that the UAE was attracting global attention as a hub for blockchain innovation by establishing a legal framework to aid operations. 

Meanwhile, a study by British market research and data analytics firm YouGov disclosed that 67% of residents in the UAE would be interested in entering the crypto space in the next five years, Blockchain.News reported. 

Image source: Shutterstock

Leave a Reply

Your email address will not be published. Required fields are marked *