Dubai – (NewMediaWire) – January 20, 2023 – (ACN Newswire) – Crypto Oasis, the fastest growing Blockchain Ecosystem in the world, has surpassed its target of identifying 1,500 organizations in the Ecosystem by the end of 2022. As of 31st December, there were over 1,650 organizations and the ecosystem, comprising the geographic region of the Middle East and North Africa and its Blockchain, Crypto, Metaverse and Web3 related organisations, has been growing faster than previously anticipated.
The Ecosystem has witnessed a sturdy 13.8% growth, while Crypto Oasis is expected to continue robust growth in the coming months, as regulators in the region welcome innovation and disruption, making it easier for blockchain-related companies to secure licences and operate. At the forefront of this is Dubai Multi Commodities Centre (DMCC) which is home to over 500 of these native Blockchain organisations, representing the largest concentration of crypto and blockchain companies in the Middle East and North Africa (MENA) region.
Crypto Oasis has added 200+ new organisations in Q4 2022 that have brought in 1,300+ new professionals to the burgeoning Ecosystem, bringing the total number of individuals working in this industry to 8,300+. This 19% growth in employment numbers can be attributed to the UAE being a force to reckon with in the global Blockchain landscape. 78.2% (approx. 6,500) of these individuals work in native blockchain organisations, i.e. those which are focused on blockchain and related decentralised technologies. 21.8 (approx. 1,800) percent work for non-native companies, i.e. those that offer blockchain related services or products but do not have blockchain as their primary focus.
Ralf Glabischnig, Founder of Crypto Oasis, stated, “We’re thrilled to have identified these new organisations in our ecosystem that are contributing to a diverse community of stakeholders. The possibilities for Web3 technology are vast, from finance and supply chain management to gaming and social media. However, as it’s a relatively new and emerging technology, its full potential hasn’t been reached yet and the industry is facing challenges such as scalability, security, and user adoption. It’s an exciting and rapidly evolving field to watch and we’re eager to collaborate and learn from each other as we work to improve Web3 and decentralised technologies.”
The Crypto Oasis supports blockchain and Web3 organisations to access resources and expertise that can help them navigate the complex and rapidly evolving landscape. In addition, joining the ecosystem gives them the opportunity to network with potential partners and customers, and to showcase their work to a wider audience.
“The UAE is the perfect amalgamation of Talent and Capital built on a world class Infrastructure,” said Saqr Ereiqat, Co-Founder of Crypto Oasis. “The Ministry of Economy (MoE) has become one of the first Government entities in the world to be active in the metaverse. In 2022 the MoE published its Digital Economy Strategy which aims to double the contribution of digital economy from 9.7% to 19.4% in the next decade. The inception of regulators like VARA and various industry events like the Abu Dhabi Finance Week and Dubai Fintech Week, as well as the launch of the Dubai Economic Agenda “D33″, demonstrate UAE’s commitment in taking an active step to becoming the centre of digital economy globally.”
The inaugural version of the Crypto Oasis Ecosystem Report 2022, published in partnership with Roland Berger in October’22, identified 1,450+ Web3 organisations in the UAE as of end Q3 2022. This report aimed to establish the first quantitative and qualitative study of the Crypto Oasis ecosystem. Commenting on the growth of the Ecosystem, Pierre Samaties, Partner and Global Head of Crypto Economy and Web3 at Roland Berger, a top tier strategy consulting firm said: “The UAE is uniquely positioned to play a leading role in the global innovation economy. The growth of the Crypto Oasis Ecosystem will continue in the coming months as we can already witness how regulators in the region are welcoming innovation and disruption, making it simpler for Blockchain-related companies to secure licenses and operate.”
The Crypto Oasis Ecosystem is dedicated to building and strengthening the infrastructure for decentralised technologies in this region. The Ecosystem fosters collaboration and intends to pool resources and expertise to create a more robust and resilient environment to build, create and operate. The Web3 Ecosystem serves the needs of all of its members and has a positive impact on the wider community by helping drive innovation related to decentralised technology. New members of the ecosystem will have the opportunity to contribute to this effort and shape the direction of Web3 development in our region.
Report Link: https://cryptooasis.ae/ecosystem-report-2022/
About The Crypto Oasis
The Crypto Oasis is a MENA focused Blockchain Ecosystem headquartered in Dubai, UAE. The core elements needed for its growth are Talent, Capital, and Infrastructure. The Ecosystems stakeholders include Investors & Collectors, Start-Ups & Projects, Corporates, Science & Research Institutions, Service Providers and Government Entities & Associations. Crypto Oasis’ vision is to be one of the leading Blockchain Ecosystems in the world. Today it is the fastest growing Blockchain Ecosystem in the world, with more than 1,650+ organisations identified in the UAE alone with more than 8,300+ individuals working in the space. Please visit www.cryptooasis.ae.
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