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