Blockchain Spacechain opens office in UAE

Blockchain Spacechain has opened an office in UAE specifically in Abu Dhabi to mark its foray into the burgeoning space sector in the MENA region. Incorporated and operated under the legal entity of SpaceChain MENA Ltd, the new office is located at Hub71, Abu Dhabi's global tech ecosystem, where the company will spearhead the planning and development of integrated space-blockchain projects and initiatives in the Middle East and North Africa (MENA) region.

The establishment of Blockchain SpaceChain's UAE office is a milestone forward in advancing SpaceChain's decentralized satellite infrastructure (DSI) for business and fintech applications, and extending its space-as-a-service capabilities to enterprises and communities across the MENA region to create a next-generation infrastructure for the blockchain industry in outer space.

Blockchain Spacechain actually started its roots as part of Hub71 cohort.

To date, SpaceChain has successfully launched six blockchain-enabled satellite payloads into space to realize its DSI vision.

"Being part of the Hub71 community places SpaceChain at the gateway to the burgeoning space industry in the MENA region. Our presence alongside other high-growth tech companies will allow us to share expertise and collaborate with leading influential players in Abu Dhabi's growing innovation ecosystem that are interested in capitalizing on the New Space Economy," said Zee Zheng, SpaceChain co-founder and CEO. "The space industry in the Middle East is rapidly growing with strong support from the UAE government and its planned economic diversification from oil. We are very excited to be contributing to the industry growth by helping regional enterprises transition into space-based businesses through the integration of space and decentralized blockchain technology."

SpaceChain MENA will collaborate closely with start-ups and organizations in the space, blockchain and fintech arenas within the region to uncover business and growth opportunities across multiple service offerings, including e-wallets, space commodities exchange, micro-geoservices that connect Earth observation service providers with user communities, and decentralized finance (DeFi) applications.

Nick Trudgen, chief commercial officer and co-founder of SpaceChain MENA, will be responsible for charting the company's overall growth across the region. He joined SpaceChain in 2017 and currently heads both SpaceChain's United Kingdom (UK) and UAE offices.

"The UAE has laid a strong foundation in establishing its space industry as a sustainable economic enabler to benefit future generations, and is executing on a comprehensive action plan to develop specialized capabilities in this field," said Nick Trudgen. "SpaceChain is proud to be contributing to the growth of the UAE's space sector by fueling growth in commercial activities, and working in collaboration with organizations and start-ups on harnessing space-as-a-service as a platform for innovation."

According to Euroconsult's market intelligence report on government space programmes, space spending in the MENA region has almost doubled during the last decade, from US$755 million in 2010 to nearly US$1.3 billion in 2020.