Crypto Oasis identifies over 1,800 Web3 organisations in the UAE

Crypto Oasis identifies over 1,800 Web3 organisations in the UAE

The UAE’s crypto ecosystem continues to grow at an unprecedented rate, with over 1,800 organisations currently identified as of Q1 2023, according to the second edition of the . The report, developed in collaboration with the DLT Science Foundation and Roland Berger, one of the management consultancies, offers a comprehensive summary of the UAE’s blockchain evolution driven by Web3, cryptographic and blockchain technologies. The report, which was launched during the Dubai Fintech Summit organised by the Dubai International Financial Centre (DIFC), highlights that more than 8650 professionals currently work in organisations within the crypto, blockchain, metaverse and Web3 ecosystem of the UAE, representing a 4.2 per cent increase from Q4 2022. The report is divided into six parts, including governments and associations, startups and projects, investors and collectors, service providers, corporates and education and research. Native organisations account for 70.24 per cent (1,270 organisations) of the total number, while non-native organisations account for 29.76 per cent (538 organisations). During Q1 2023 alone, over 150 new organisations were identified, bringing in more than 350 new professionals to the ecosystem. Approximately 72.8 per cent (roughly 6,301) of these individuals work for native blockchain organisations, while the remaining 27.2 per cent (approximately 2,350)