Dubai’s free port the Dubai Multi Commodities Centre (DMCC) plans to launch Crypto Valley within the desert as the world’s largest ecosystem for cryptographic, blockchain and distributed ledger technologies – in Dubai, the United Arab Emirates (UAE).
Dubai has added an inside ski mountain to the present rapidly-growing city within the United Arab Emirates (UAE) so a huge Crypto Valley seems feasible. Though perhaps a new name might be apropos. CryptoDunes anyone?
They are aiming big.
World’s largest ecosystem for cryptographic, blockchain and distributed ledger technologies to launch in Dubai.
The agreement underscores DMCC’s support of the UAE Government blockchain strategy and development of the long term economy.
DMCC signed a partnership with Switzerland-based investment trust CV VC on the sidelines of the planet Economic Forum in Davos.
In a recent handout from the planet Economic Forum (WEF) in Switzerland, the DMCC stated the ‘DMCC Crypto Valley’ will offer a spread of services including incubation for early-stage startups, co-working facilities, innovation services for corporate clients, blockchain and entrepreneurship training, education, events, mentoring and funding.
Signed on the sidelines of the World Economic Forum in Davos, the agreement sees DMCC work alongside both CV VC and its subsidiary CV Labs, to develop an ecosystem in Jumeirah Lakes Towers (JLT), DMCC’s downtown, 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 district,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
“Sat at the crossroads of the planet, DMCC may be a dynamic business hub that drives global trade through Dubai. The launch of the Crypto Valley in DMCC will enhance the city’s dynamic business environment, and support the broader strategy of the UAE Government to draw in the innovators, entrepreneurs, and pioneers which will shape the longer-term economy,” he added.
The agreement commits both parties to collaborate and develop a comprehensive DMCC Blockchain Strategy that are aligned with the Emirates Blockchain Strategy 2021 and supports the Dubai Blockchain Strategy launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Prince of Dubai and Chairman of Dubai council.
“We are thrilled to maneuver into the MENA region with DMCC as a robust local partner. 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 opposite side, the capital from the MENA region could help to create even more successful projects and startups and foster the settlement of the latest blockchain-focused companies in the UAE,” said Ralf Glabischnig, founding father of CV VC and CV Labs.
“We are looking forward to bringing our strong partner from Crypto Valley to Dubai, like CoreLedger, inacta, Lykke, and Tezos which are already active within the MENA region,” he added.
Research from DMCC’s way forward for Trade report found that blockchain could help reduce up to twenty percent of the particular physical paper costs related to global trade, currently estimated at AED 6.6 trillion (USD 1.8 trillion). DMCC may be a member of the worldwide Blockchain Council, established in October 2019 to explore, discuss current and future applications, and organize transactions through the blockchain platform.