CryptoTower Expected to Open by the End of 2019
A new ten-storey building in Malta is being referred to as the CryptoTower by its owners, which is set to open by the end of 2019. The building is 3,000 square metres and is located next to Pendergardens, St Julian’s. The opening is set for the end of next year according to Kevin Buttigieg, one of the owners.
The building will be used as a co-working space, which translates to not needing to own a permanent office. The idea is that you pay a sort of membership fee to use a desk, get a socket, have a secretary, and have photocopying services, among other services related to work in the office.
Many foreign organizations have settled in Malta, with their biggest obstacle being renting office space. The issue of space is not the only problem, but the likelihood of needing more office space later on. The best thing for a startup would be to expand within the same area and not expand all over the island. Growth in the area can be really difficult for startups, when in fact growing is the main goal of a startup.
An Effective Solution for Startups
Buttigieg suggests that the solution is co-working. He further explains that the individual gets a working space that is equipped with everything that is needed for one membership fee, with no electricity or bills associated with renting. He predicts that 60% of working spaces in the world will be within co-working buildings between the year 2025 and 2030 because the concept is a lot more economical and environmentally friendly. It is also so much easier for startups and also individuals to get things going fast.
The main concept behind a coworking space can already be found in Malta, but this project implements it using an entire building. The CryptoTower will change the feel of a conventional working environment, Buttigieg, who serves as the Chief Executive Officer of Remax Malta, an estate company, continued.
Desks are not the only thing offered; there will be boardrooms rented hourly, terraces for breaks, a roof garden, and two cafeterias. Buttigieg shared that about 25% of the entire area will be for relaxation because successful HR should offer employees an exceptional experience at work.
Users that are expected to rent the coworking space are high-tech firms on the island, which are the inspiration behind the name of the project.