The Dubai Multi Commodities Centre (DMCC) and Reit Development have announced plans to construct a blockchain-powered Crypto Tower in Jumeirah Lakes Towers.

The 17-storey building will serve as a hub for blockchain, decentralized finance, and Web3 companies in Dubai.

According to a statement, the Crypto Tower will use blockchain technology for real estate management, tenant interactions, on-chain voting, and smart contracts.

The land for the project, purchased in December 2021 for AED 16.5 million (US$4.5 million), is set for tower completion in the first quarter of 2027.

It will feature nine floors of leasable space totaling 14,000 square meters. Additionally, it will include spaces focused on AI and facilities for incubators and venture capital firms.