Copy link
Increase text size
Decrease text size
Link copied

Dubai Multi Commodities Center to establish Crypto Valley to boost blockchain ecosystem

Image: DMCC

Mon, 27 Jan 2020, 07:22 am UTC

The Dubai Multi Commodities Center (DMCC), a government entity established in 2002 to enhance commodity trade flows through Dubai, has announced its plans to launch ‘Crypto Valley’ in Dubai, the United Arab Emirates (UAE).

In its press release, DMCC said that the planned Crypto Valley will be the world's largest ecosystem for cryptographic, blockchain and distributed ledger technologies. It will be established in partnership with CV VC and its subsidiary CV Labs.

On the sidelines of the World Economic Forum in Davos, DMCC has signed an agreement with CV VC and CV Labs to develop an ecosystem in Jumeirah Lakes Towers (JLT), DMCC's business district, where over 17,000 companies are currently registered.

"DMCC is delighted to sign this agreement with CV VC, and launch the Crypto Valley in Dubai, at the very heart of Dubai's leading business district," said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC. "The launch of the Crypto Valley in DMCC will enhance the city's dynamic business environment, and support the wider strategy of the UAE Government to attract the innovators, entrepreneurs and pioneers that will shape the future economy,"

The 'DMCC Crypto Valley' will be designed to foster growth, collaboration and integrity across the global blockchain economy. It will offer various services including incubation for early-stage start-ups, co-working facilities, innovation services for corporate clients, blockchain and entrepreneurship training, education, events, mentoring and funding.

Under the agreement, the partners will also collaborate and develop a DMCC Blockchain Strategy, which will be aligned with the Emirates Blockchain Strategy 2021, and support the Dubai Blockchain Strategy launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

"In our opinion, the competence from Crypto Valley based companies will support the ambitious goals and strategy to use blockchain in Dubai and beyond! On the other side the capital from the MENA region could help to build even more successful projects and startups and foster the settlement of new blockchain focused companies in the UAE," said Ralf Glabischnig, Founder of CV VC and CV Labs.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,546.69 (-3.60%)
  • Ethereum (ETH) $251.15 (-4.63%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $397.79 (-8.06%)
  • Bitcoin SV (BSV) $292.48 (-3.55%)
  • Bitcoin (BTC) $9,546.69 (-3.60%)
Feb 17, 2020 (Monday)
13:34
Fullerton Markets adds support for cryptocurrency deposits and withdrawals
13:02
Crypto asset custodian Copper raises $8M in Series A round
12:06
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:05
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:58
CFTC sues Colorado resident with fraud in crypto-related Ponzi scheme
11:22
Crypto Technicals: ETH/USD slips below 5-DMA, 'Golden Cross' to limit downside
11:15
Central Bank of The Bahamas to roll out CBDC in H2 2020
10:45
Stellar Development Foundation joins Blockchain Association
10:21
Dubai Multi Commodities Centre to launch blockchain-based sugar trading platform
10:20
Crypto Technicals: BTC/USD holds 21-EMA support, break below could see further weakness
09:22
Binance applied for an operating license in Singapore, CEO confirms
07:23
IOHK establishes new research lab at University of Wyoming
06:53
Chinese forex regulator SAFE’s blockchain cross-border financing pilot continues expansion
05:14
Blockchain social media platform Steemit to migrate to TRON network
Feb 14, 2020 (Friday)
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:11
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:24
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
11:48
Blockchain insurance startup B3i completes 30 reinsurance contracts on its platform
11:47
Crypto Technicals: TRON (TRX) confirms 'Golden Cross' on the daily charts, eyes 61.8% Fib at 0.0297
11:04
Crypto investment firm Galaxy Digital lays off 15% of its workforce
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft