Neowiz Holdings Expands Blockchain Business Potential In UAE With New Corporation

According to information technology (IT) industry sources, on January 17, Oh Seung-heon, CEO of Neowiz Holdings, is visiting Abu Dhabi, the capital of the UAE, as a Korea-UAE economic delegation to seek cooperation with local government agencies and companies in the blockchain business.

Neowiz Holdings is seeking cooperation in the global business of NEOPIN, a blockchain open platform developed by its subsidiary Neofly in the UAE. Oh Seung-heon is also the CEO of Neofly.

Neofly has been preparing for a long time to target the global market with the Middle East as a bridgehead, and it is rumored that this effort led to this economic mission.

Neofly issued its own virtual asset Neopin (NPT) and listed it on domestic and foreign exchanges, and connected the ecosystem with games, metaverses, services, non-fungible tokens (NFT), etc., centering on DeFi (Decentralized Finance) services and is expanding.

To this end, it recently established a local corporation in Abu Dhabi, UAE, dedicated to the blockchain business. An official from Neofly said:

“We have been seeking to enter the global blockchain market based on the UAE, and after completing the establishment of a corporation in Abu Dhabi, there is a part of close consultation with UAE-related organizations. Visible results will come soon.”

The UAE declared a transition from an oil-based economy to a knowledge-based economy and, in July of last year, put forward the metaverse as a national key project. In September of last year, it made large-scale investments, such as opening and operating the headquarters of the Metaverse Department of Economy.

The metaverse industry is also closely related to blockchain technology. In particular, the Middle East region is concentrating its capabilities on building a digital innovation industry by advocating a “blockchain-friendly.”

Among them, Abu Dhabi, the capital of the UAE, is focusing on revitalizing the global blockchain industry through the Abu Dhabi market, such as introducing digital asset regulations in 2018. It is attracting attention as a base for global IT companies to enter the Middle East.

An industry insider said:

“The Middle East region has future growth potential in virtual assets and blockchain technology. Recently, along with Singapore, it has been attracting attention from the IT industry as the center of the global blockchain industry.”

Since last year, large virtual asset exchanges and related companies, including Binance and Crypto.com, have been entering the UAE in earnest. WeMade, which develops blockchain game businesses, also announced that it had established a blockchain corporation in Abu Dhabi.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source