Dubai Multi Commodities Centre Partners Crypto Firm Bybit to Foster Blockchain Ventures June 6, 2023 June 6, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJune 6, 2023 by Kelly Cromley

Dubai Multi Commodities Centre Partners Crypto Firm Bybit to Foster Blockchain Ventures

Dubai Multi Commodities Centre (DMCC), the free zone and Government of Dubai Authority for commodity trade and business, has entered into a partnership with Bybit, a global cryptocurrency company. As part of this collaboration, Bybit will contribute Dhs500,000 in financial support to assist new crypto ventures in establishing themselves within the DMCC Crypto Centre, the largest community of Web3 and blockchain businesses in the region.

Bybit will serve as the listing partner for the crypto centre, providing specialized assistance to crypto companies aiming to list digital assets on prominent international exchanges. Additionally, participants of the crypto centre will gain access to Bybit’s services. With its headquarters in Dubai, Bybit ranks as the world’s third most prominent cryptocurrency exchange, boasting over 15 million users.

Bybit will actively engage in the crypto centre’s educational initiatives, delivering webinars and educational courses on the digital assets industry, emerging trends, centralized exchanges, and their influence on the development of the Web3 industry. These endeavors align with DMCC’s objective of enhancing the support available to crypto centre members.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive of DMCC, expressed, “Dubai has solidified its position as a global hub for crypto and Web3, with the DMCC Crypto Centre hosting the highest concentration of crypto companies in the region. Bybit’s participation further reinforces this status, and we are delighted to have them as an official ecosystem partner.”

Ben Zhou, Co-founder and CEO of Bybit, remarked, “Through the efforts of entities such as DMCC, Dubai has undoubtedly become a global focal point for the crypto industry. With numerous high-potential Web3 businesses in the emirate, we are pleased to collaborate with DMCC to support their success and advance the evolution of the crypto industry and global digital economy. By bringing our expertise in transparency, listing procedures, and custodial services to Crypto Centre members, we can make a measurable impact on Dubai’s future as the crypto capital and achieve our goal of becoming the world’s ‘Crypto Ark.'”

Meanwhile, the DMCC Crypto Centre offers a comprehensive ecosystem for companies involved in the development of Web3 and blockchain initiatives, along with related value-added services. It provides everything that crypto businesses and entrepreneurs need to establish and scale their operations. Currently, the centre is home to more than 550 companies operating in the Web3 and blockchain industries.

DMCC recently announced a partnership with the business services firm PP Shah and Associates to establish a representative office in Mumbai, India. This initiative aims to strengthen ties with India in support of the Comprehensive Economic Partnership Agreement (CEPA) signed between the two countries last year. Leveraging DMCC’s regulatory framework and reputation in Indian business circles, the representative office will serve as a one-stop-shop for Indian businesses seeking expansion through Dubai, assisting them in establishing a presence in DMCC.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.