Neowiz Holdings – creator of Intellar X, establishes blockchain entity in UAE – Cryptopolitan

South Korean gaming giant Neowiz Holdings has announced its ambition to reach a wider audience by setting up a blockchain company in the United Arab Emirates, as reported by Korean news site Newsis. Through this endeavour, they are committed to expanding their services internationally.

Furthermore, Oh Seung-Heon, CEO of Neowiz Holdings, is traveling to Abu Dhabi as part of the Korea-UAE economic delegation to explore potential collaborations with government agencies and businesses in the blockchain industry.

To further expand its global operations, Neowiz Holdings and NEOPIN (an open blockchain platform developed by its subsidiary Neofly) are now actively seeking potential partners in the UAE.

Oh Seung-Heon, also CEO of Neofly, has tried to enter the international market through the Middle East as a gateway. Reports indicate that this endeavor was instrumental in launching today’s economic mission with hopes of successful partnerships.

Neofly proudly released its own digital resource Neopin (NPT), which is available on domestic and foreign exchanges, connecting an expansive network of games, metaverses, services, non-fungible tokens (NFT) and other decentralized finance (DeFi) offerings. This ever-growing ecosystem provides limitless opportunities for users worldwide.

Furthermore, Neofly has recently inaugurated a subsidiary in Abu Dhabi, UAE, to capitalize on the global blockchain industry. A company official stated that they “have been looking forward to entering the international blockchain market with an eye to base operations in the United Arab Emirates.” At the same time, consultations are carried out with relevant organizations from this region. The expectation is that tangible results will be seen shortly after.

Last July, the United Arab Emirates declared an ambitious shift from a petroleum-based economy to one rooted in knowledge. To achieve this, they launched Metaverse as their national key project and made significant investments in it – such as opening and managing the finance department’s headquarters – last September.

The Metaverse industry is heavily linked to blockchain technology. The Middle East region has dedicated its efforts to creating a digital innovation sector by supporting a “blockchain-friendly” environment.

Abu Dhabi, the capital of the United Arab Emirates, has stepped up to revitalize blockchain technology worldwide. By introducing digital asset regulations in 2018, Abu Dhabi’s market is now a hot spot for global IT companies looking to expand their presence in the Middle East. This initiative has been endorsed by both investors and business owners, who are eager to take advantage of this new opportunity.

A renowned expert in the field has declared that due to its virtual asset and blockchain technology potential, the Middle East region is an emerging focal point for IT companies worldwide – alongside Singapore. It’s no wonder why it arouses so much curiosity!

In recent years, a number of leading virtual asset exchanges and companies, such as Binance and Crypto.com, have made inroads into the UAE. Blockchain game developer WeMade also recently declared that they had established their blockchain company in Abu Dhabi, indicating how serious these firms are about entering this market.