Leading bitcoin wallet provider Blockchain has revealed its plans to expand its operations to the Middle East, The National reported.

Speaking at the World Economic Forum, Blockchain chief executive officer Peter Smith, said:

"I am very optimistic about the Middle East and we plan to invest big there. I’m really excited about it. It’s a great chance to build a new financial infrastructure in the region."

The company is already in partnership with the Government of Dubai to help it eliminate all paperwork from its financial transactions by 2020. The government aims to switch its documents and transactions on a blockchain-based system, according to CryptoCoinsNews.

Dubai started embracing blockchain technology in 2016 with a number of initiatives. Dubai Museum of the Future Foundation (MOTF) in February 2016 announced the establishment of the Global Blockchain Council (GBC) in order to explore the blockchain technology; discuss current and future applications; and organize transactions through the Blockchain platform.

Last May, the Global Blockchain Council (GBC) of Dubai unveiled seven pilot projects that use blockchain technology. In October, the crown Prince of Dubai, Hamdan bin Mohammed, announced the “Dubai Blockchain Strategy” program that aims to move all government documents on the blockchain by 2020.

"What’s exciting is that there’s this big drive for change in the economies. Saudi Arabia and the UAE want to leapfrog into the digital age in financial technology”, Smith added.