Real estate developer Salvatore Leggiero has officially shared the initial design of the Bitcoin Tower in Dubai, saying that the tower will have both a physical and virtual version in the metaverse.
Below are all the details.
Bitcoin Tower project in Dubai unveiled
On the evening of 24 May, Salvatore Leggiero, developer of the upcoming Bitcoin 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 Bitcoin Tower, which will have a version in the metaverse and a physical building.
In an interview, Leggiero said the project combined two of his passions. In fact, the executive has years of experience in real estate development and acquired a passion for Web3 during the pandemic:
“I’ve talked to many cryptocurrency experts, but with all due respect, they don’t understand much about real estate. And, I’ve talked to many, many major developers in town as well but with all due respect, they don’t understand cryptocurrencies.”
The developer said that through this experience, he envisioned a project that matched his experience in real estate and his passion for cryptocurrencies, and the idea for the Bitcoin Tower in Dubai was born.
Leggiero also expressed his desire regarding the project being open, mentioning the possibility of creating a Decentralized Autonomous Organization (DAO).
In fact, he stated the following:
“We will get many, many inputs from the community because Bitcoin 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.”
How will Leggiero’s Bitcoin Tower be built?
As anticipated above, the tower will have a virtual version, which will be launched in the metaverse, and a physical version, which will be built in Dubai. Although the location is not yet final, Leggiero hopes to get approval to build the tower near Sheikh Zayed Road, where Dubai’s famous skyline resides.
Leggiero also said that having a landmark like the Bitcoin Tower would be beneficial to the region. In fact, the developer believes that the project could solidify the UAE’s leadership position on crypto.
In addition, the developer pointed out that it could provide a hub for the crypto community, both for those living in Dubai and those visiting for the many crypto events in the region:
“I have something that I think gives the idea of this real estate evolution and hospitality market revolution. Bitcoin Tower will be the first in a chain. This is what I dream about.”
UAE is ideal for crypto
At the recent Dubai FinTech Summit event, Saqr Ereiqat, co-founder of venture building company Crypto Oasis, spoke about the UAE’s infrastructure and how it may be ideal for cryptocurrencies.
In fact, Ereiqat pointed out that there are several factors that companies should consider when thinking about where to establish their companies. According to him, this includes the country’s regulatory infrastructure, digital infrastructure and its ability to attract a global talent pool.
Needless to say, the UAE possesses all of these qualities. In addition, Ereiqat also compared the UAE with the United States in terms of regulatory rules.
Ereiqat acknowledged that the UAE and the United States have their “strengths and weaknesses” when it comes to the crypto space, however, he argued that the UAE has taken a more positive approach to cryptocurrency regulation.
As he stated:
“The UAE’s regulatory framework is more streamlined and business-friendly than the complex and fragmented regulatory environment in the United States.”
In addition to this, the executive also stated that the region has a significant amount of capital, which could potentially help crypto companies when trying to raise funds for their projects.