February 24, 2024

Dubai, that in recent years has established itself as a modern infrastructural marvel, is set to host the first Bitcoin Tower in the world. Essentially, this Bitcoin Tower will be a hotel, with its shape inspired by the first cryptocurrency to ever exist. This architectural wonder will be loaded with a bunch of pro-blockchain and Web3-supportive services and offerings, with the aim of innovating and trying multiple use cases of these up-and-coming next-gen technologies.

With Artificial Intelligence (AI), this one-of-its-kind facility aims to eradicate the use of paper and other eco-concerning factors from its business operations by largely relying on the blockchain technology for day-to-day work.

Salvatore Leggiero, the real estate developer behind this Bitcoin Tower project in Dubai, shared details on the project along with visual glimpses of what it would be designed like, at the COP28 meeting that was held in Dubai on May 24, a report by Finbold noted.

As a tribute to Bitcoin from Dubai, this property is set to be as tall as 40 floors, keeping in alignment with Dubai’s typical architectural style that includes the world’s tallest building, the Burj Khalifa.

The Bitcoin Tower will also have non-fungible tokens (NFTs) playing an integral part in internal rewards and transaction systems. The in-house NFTs associated with the Bitcoin Tower will be bundled with utility values.

If the guests choose to stake cryptocurrencies with the hotel, they would be able to redeem their rewards and pay for their accommodations as well.

Simone Micheli, an internationally renowned architect, has also been approached by Leggiero to streamline the design for this Bitcoin Tower.

This unique, upcoming property in Dubai just adds another pro-crypto feather on UAE’s hat.

Dubai itself, for instance, is accelerating efforts to become a hotspot for crypto and Web3 communities.

In March this year, the city released a set of new regulations that would be mandated to be adhered to by crypto firms looking to operate from Dubai. The Emirate has also decided to levy an annual supervision fee of around $55,000 (roughly Rs. 45 lakh) that crypto firms will have to cover if they wish to bag a licence in Dubai.

Last year, Dubai created a special regulatory unit called the Virtual Assets Regulatory Authority (VARA) to oversee crypto-related businesses there.

As part of its Financial Infrastructure Transformation Programme (FIT), the financial authorities of the UAE have begun working on developing the required technical and cyber security support for its blockchain-based e-currency.


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