2023 Web3 Ecosystem Report

3 min read

Dubai, May, 2023: 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 Crypto Oasis Ecosystem Report. The report, developed in collaboration with the DLT Science Foundation and Roland Berger, one of the leading management consultancies, offers a comprehensive summary of the UAE’s Blockchain evolution driven by Web3, cryptographic, and Blockchain technologies. Roland Berger also exclusively contributed with three thought leadership articles that are exclusively published in the report.

Highlights

The report provides a comprehensive breakdown of the ecosystem’s main elements, including Governments & Associations, Startups & Projects, Investors & Collectors, Service Providers, Corporates, and Education & Research

Of the total number of organisations, native ones make up 70.24% (1,270 organisations)

The report was produced in partnership with the DLT Science Foundation, a global nonprofit organization newly established to bring together top academic institutions, industry leaders and developers to further society’s adoption of DLT and other exponential technologies, and Roland Berger, the leading management consultancy with a strong expertise in Digital Assets, Web3 and Metaverse. Roland Berger exclusively published three thought leader point of views as part of the report

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 percent increase from Q4 2022. The report is divided into six parts, including Governments & Associations, Startups & Projects, Investors & Collectors, Service Providers, Corporates, and Education & Research.

Native organisations account for 70.24% (1,270 organisations) of the total number, while non-native organisations account for 29.76% (538 organisations). During Q1 2023 alone, over 150 new organisations were identified, bringing in more than 350 new professionals to the thriving ecosystem. Approximately 72.8 percent (roughly 6,301) of these individuals work for native Blockchain organisations, while the remaining 27.2 percent (approximately 2,350) work for non-native companies.

“The second edition of the Crypto Oasis Ecosystem Report is a valuable resource for anyone interested in the Web3 space and will be an essential tool for policymakers, investors, and entrepreneurs looking to navigate the rapidly evolving landscape of blockchain technology,” said Saqr Ereiqat, co-founder of Crypto Oasis. “The report is a result of comprehensive research undertaken by the Crypto Oasis Research team, which involved an in-depth analysis of the UAE Web3 Ecosystem.”

Paolo Tasca, co-Founder and chairman at the DLT Science Foundation, said “At the DLT Science Foundation, we are keen to reach out into and connect with the fastest growing Web3 Ecosystem in the world! This report provides a unique market analysis of the crypto and Web3 key players in the UAE. We are glad to have contributed to it.”

Pierre Samaties, Partner at Roland Berger Middle East and leading the Global Digital Assets, Web3 and Metaverse practice, said, “The growth of the UAE Digital Asset and Web3 ecosystem is very impressive. It is driven by forward looking regulation, a welcoming talent immigration environment and a remarkable appetite from government and institutions to adopt the many opportunities the technology brings”

The report also contains insightful thought leadership articles from major players in the industry, including , Circle, Citigroup, DIFC, DMCC, GenTwo, QORPO, Pulse World, Ripple, Securrency, State Street, Tokengate, Venom, Virtua and Yield App. Additionally, the report features a detailed regional analysis of the UAE by Blockchain data platform Chainalysis.

Suzana Obradovic, Regional Director Middle East and Africa at Chainalysis, said, “We are excited to bring our blockchain data insights to the Crypto Oasis Ecosystem Report. The launch of the report, already in its second edition, marks an important milestone in the growth of the Web3 ecosystem in the UAE. By building out comprehensive regulation and embracing future technologies, the UAE has made itself very attractive to Web3 enthusiasts looking to establish themselves in the region.”

Download the report at www.cryptooasis.ae/report

About 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 1,800+ organisations identified in the UAE alone with more than 8,650 individuals working in the space. www.cryptooasis.ae

About DLT Science Foundation

The DLT Science Foundation (DSF) is committed to address grand challenges by adopting and promoting distributed ledger technologies (DLT) and other exponential digital technologies. The DSF achieves this aim by empowering education, innovation, and research through its academic network and partnerships with industry leaders. The DSF expands knowledge transfer from academia to industry, promoting a stable adoption of DLT in business, government and society. Ourfoundation operates as a global, decentralised entity, much like the technology wepromote. A network of world-leading experts from around the world pools their knowledge and expertise to deliver the DSF’s vision. The DSF team works tirelessly to further its mission, supporting educational initiatives, empowering researchers, and acting as a hub for startups, universities, and knowledge-transfer institutions. The foundation stimulates innovation through activities such as hackathons, commercialising research, and much more.

www.dltscience.org

About Roland Berger

Roland Berger is the only management consultancy of European heritage with a strong international footprint. As an independent firm, solely owned by ourPartners, weoperate 51 offices in all major markets. Our3000 employees offer a unique combination of an analytical approach and an empathic attitude. Driven by ourvalues of entrepreneurship, excellence and empathy, weat Roland Berger are convinced that the world needs a new sustainable paradigm that takes the entire value cycle into account. Working in cross-competence teams across all relevant industries and business functions, weprovide the best expertise to meet the profound challenges of today and tomorrow. www.rolandberger.com

Author

Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.

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