Crypto Oasis, the expansive ecosystem of blockchain-related organisations initiated out of the UAE, is growing faster than anticipated.
The ecosystem has achieved its benchmark of 1,000 blockchain organisations much ahead of its original forecast for the end of 2022.
The founder of Crypto Oasis, Ralf Glabischnig, said: “This is an exciting time for us as we exceed expectations considerably month after month. Our target for the year has been achieved already and we’re anticipating exceptional growth in the future.
“The first months of 2022 have already shown that the key pillars of growing and building the ecosystem are talent, capital, and infrastructure. We believe we are still at an early stage but with the speed of development and growth that we see day by day across the community in this region, we look forward to further advancing the blockchain economy in the Middle East.”
Reaching the milestone seven months ahead of forecast also represents the growth rate across the blockchain landscape in the Middle East, the firm said in a statement.
UAE government initiatives boost blockchain, crypto adoption
The strength of the Crypto Oasis ecosystem and its growth can also be attributed to initiatives taken by the UAE government, which has been welcoming and fostering the development of this new industry for many years.
From the Dubai Blockchain Strategy, which was initiated back in 2016, to the Dubai Metaverse Strategy announced by the Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum earlier this month, a number of positive initiatives have boosted interest in the sector.
The latest initiative aims to increase the contribution of the metaverse sector to the emirate’s economy to $4 billion by 2030. Headed by Dubai’s Crown Prince, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Dubai Metaverse Strategy also intends to ensure that the metaverse increases its contribution to 1 percent of the emirate’s GDP.
Types of blockchain firms
Organisations that are active in the blockchain space can be broken down into two different kinds.
- Native Blockchain organisations, which have blockchain technology as their primary focus and reason of origin, and
- Non-native blockchain organisations, which offer services or products related to blockchain but do not have blockchain as their primary focus.
- Native organisations account for 53 percent of the total number and non-native organisations that have adopted blockchain are at 47 percent.
From Binance, Crypto.com, Kraken to XT.com, some of the largest players in the blockchain world are now setting up in the Middle East.
The entry of various major international crypto exchanges proves that the region has become an international hub for Blockchain.
The Crypto Oasis ecosystem is expected to grow exponentially in the coming months as regulators in the region welcome innovation and disruption, making it simpler for blockchain-related companies to secure licenses and operate.
The revised expectation for the number of organisations in the UAE ecosystem by the end of 2022 is now 1,500 organisations from the 1,000 already achieved.
The significance of blockchain lies in its inherent transparency, trust, and immutability. The Crypto Oasis ecosystem embodies these characteristics and offers unique value to its community.
