- 10 storey building aims to lure international startups and cryptocurrency companies
- Companies that occupy the building will use a co-working concept and pay membership fees
- The government’s crypto-friendly stance makes Malta an attractive destination for digital companies
It appears like Malta will continue to steal the headlines for innovative projects in the blockchain space. The latest offering is a state-of-the-art 10 storey building that aims to lure international startups and cryptocurrency companies to locate offices in the country’s blockchain epicenter in St. Julian’s.
‘CryptoTower’ to Set the Ball Rolling for Malta
The 3000 square meter 10-Storey building, christened CryptoTower by its owners, the Times of Malta reports, will stand next to the Pendergardens development and is scheduled to open its doors by the end of 2019 according to one of its owners Kevin Buttigieg.
Startups and cryptocurrency companies that occupy the building will use a co-working concept where they pay a membership fee and get “a desk, a socket for your computer, a secretary to handle calls, photocopying services” and all other amenities associated with running a modern office. Buttiegieg said the concept is popular in Malta and added:
“Ours will use the whole building”. The new CryptoTower “will provide a different lifestyle […] besides desks there will be boardrooms that can be rented by the hour, chill-out terraces, a roof garden for relaxation or private parties and two beautiful cafeterias […] twenty-five percent of the area will be used for relaxation.”
While other nations are spending time and resources investigating how they will control and manage the surge of blockchain and cryptocurrency, the island republic of Malta is moving in an encouraging direction.
Hotbed for Everything Crypto
Several leading cryptocurrency exchanges like Binance and OKEx already moved to the Mediterranean nation while the country’s parliament has been working hard to approve relevant legislation concerning blockchain and cryptocurrencies. The country’s prime minister Joseph Muscat is also bullish in matters cryptocurrency and told the 73rd session of the United Nations’ Assembly in April that digital currencies are the “inevitable future of money.”
Prime Minister Joseph Muscat recently explained the reason the island is becoming a crypto and blockchain powerhouse and stated their efforts were calculated risks that will help diversify the economy. He said their risk-taking included reducing “layers of bureaucracy” to make it easier for entities in the crypto and blockchain world to come and set up in the country.
Malta has been an attractive destination for digital companies because of the stance of the government besides low tax rates and the country’s stock exchange that is luring companies to list their crypto assets.
However, as foreign companies rush to set up in Malta, finding and renting office space is becoming a major problem. Upcoming companies want office space that can enable them to grow at the same place without creating “a big headache and a logistical nightmare.”