Dubai To Launch Crypto Valley To Boost Blockchain Ecosystem

Blockchain, News | January 27, 2020 By:

The Dubai Multi Commodities Center (DMCC), a free zone and strategic initiative of the government of Dubai to establish a commodity market platform, is planning to establish Crypto Valley.

In a press release, DMCC said that it partnered with Switzerland-based investment company CV VC and its subsidiary CV Labs to launch the world’s largest ecosystem for cryptographic, blockchain and distributed ledger technologies (DLT) in Dubai, the United Arab Emirates (UAE).

The ‘DMCC Crypto Valley’ will be designed to foster growth, collaboration and integrity across the global blockchain economy. It will offer a variety 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.

According to DMCC, they will be working with CV Labs to develop an ecosystem in Jumeirah Lakes Towers (JLT), DMCC’s business district, where over 17,000 companies are currently registered.

“Sat at the crossroads of the world, DMCC is a dynamic business hub that drives global trade through Dubai,” 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 collaboration will also see the partners develop a comprehensive DMCC Blockchain Strategy that is 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, 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,” said said Ralf Glabischnig, Founder of CV VC and CV Labs. “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.”