Real estate developer Salvatore Leggiero has officially shared theย preliminary design of the Bitcoinย (BTC) Tower in Dubai, saying that the tower will have both a physical and virtual version in the metaverse.
Below are all the details.
Bitcoinย (BTC) Tower project in Dubai unveiled
On the evening of 24 May, Salvatore Leggiero, developer of theย following Bitcoinย (BTC) Tower, officially launched the project at an exclusive event centered around the architecture of designer Simone Micheli.
The private event was held at the Bella Restaurant Lounge in Dubai, United Arab Emirates. During the event, Leggiero and Micheli presented their collaboration for the Bitcoinย (BTC) Tower, which will have a version in the metaverse and a physical building.
In an interview, Leggiero stated the project combined two of his passions. Inย reality, the executive has years of experience in real estate development and acquired a passion for Web3 during the pandemic:
โIโve talked to numerous digitalย currency specialists, but with all due respect, they donโt understand much about real estate. And, Iโve talked to numerous, numerous major developers in town likewise but with all due respect, they donโt understand cryptocurrencies.โ
The developer stated that through this experience, he envisioned a project that matched his experience in real estate and his passion for digitalย currencies, and the idea for the Bitcoinย (BTC) Tower in Dubai was born.
Leggiero likewise expressed his desire regarding the project being open, mentioning the likelihoodย of creating a Decentralized Autonomous Organization (DAO).
Inย reality, he stated the following:
โWe will get numerous, numerous inputs from the community because Bitcoinย (BTC) Tower must be an open project, like what Satoshi Nakamoto teaches us. Having a DAO will come very naturally to the project as decentralizing the decision-making process helps create an eclectic experience for the future.โ
How will Leggieroโs Bitcoinย (BTC) Tower be built?
As anticipated over, the tower will have a virtual version, which will be launched in the metaverseย network, and a physical version, which will be built in Dubai. Despiteย theย factย that the location is not isย still final, Leggiero hopes to get approval to build the tower near Sheikh Zayed Road, where Dubaiโs famous skyline resides.
Leggiero likewise stated that having a landmark like the Bitcoinย (BTC) Tower would be beneficial to the region. Inย reality, the developer thinksย that the project could solidify the UAEโs leadership position on crypto.
Additionally, the developer notedย that itย canย potentially provide a hub for the cryptocurrency community, both for those living in Dubai and those visiting for the numerous cryptocurrency events in the region:
โI have something that I think gives the idea of this real estate evolution and hospitality market revolution. Bitcoinย (BTC) Tower will be the 1st in a chain. This is what I dream about.โ
UAE is ideal for crypto
At theย pastย few Dubai FinTech Summit event, Saqr Ereiqat, co- founder of deal building company Cryptocurrency Oasis, spoke about the UAEโs infrastructure and how it couldย be ideal for cryptocurrencies.
Inย reality, Ereiqat notedย that there are plentyย of factors that corporations should consider when thinking about where to setย up their corporations. Reportsย by him, this includes the countryโs regulatory infrastructure, digital infrastructure and its capacity to attract a worldwide talent pool.
Needless toย emphasize, the UAE possesses all of these qualities. Additionally, Ereiqat likewise compared the UAE with the United States in terms of regulatory rules.
Ereiqat acknowledged that the UAE and theย Unitedย States have their โstrengths and weaknessesโ inย theย caseย of the cryptocurrency space, onย theย otherย hand, he claimedย that the UAE has taken a more positive approach to digitalย currency regulation.
As he stated:
โThe UAEโs regulatory framework is more streamlined and business-friendly than the complex and fragmented regulatory environment in the United States.โ
Alongย with this, the executive likewise indicatedย that the region has a wholeย lotย of amount of capital, which could potentially help cryptocurrency corporations when attemptingย to raise funds for their projects.
