Malta has joined the list of regions that have joined the blockchain space.  The island republic of Malta is the newest home to a 10-Storey building aimed at attracting international business startups and cryptocurrency companies.

The project christened CryptoTower will be about 3000 square meters and will stand next to the Pendergardens development. The state-of-the-art building will open its doors by the end of 2019. This is according to Kevin Buttigieg, who is one of the building’s owners and also the CEO of estate agency Remax Malta.

“Co-working” is all about not having a permanent office and has become common within the digital space, akin to a timeshare for office space. Apparently, hundreds of startups and cryptocurrency companies have continued to adopt it thanks to its innovation.  Occupiers of the building will adopt the same model in running their businesses. Coworking requires a membership fee and a desk, and a socket for a computer. One can also have a personal assistant to handle the administrative tasks like photocopying.

In support of the latest development, Buttigieg says, “The concept already exists in Malta, but “ours will use the whole building”. The new CryptoTower “will provide a different lifestyle” to the work environment.”

Malta has been an attractive destination for the blockchain space 

It is clear that the blockchain space continues to expand at a rapid rate. Apparently, records have it that more foreign companies are choosing Malta as their appropriate locations for business.  However, the biggest barrier is finding renting space. Nonetheless, the opening of the new building will help avert the space challenge.

Prime Minister Joseph Muscat confirms that the island has become a cryptocurrency and blockchain powerhouse. This is because of the calculated risks, which will in return help in transforming the economy. In addition, the Island has also reduced bureaucracy for those who wish to access the crypto and blockchain world within the country.