The month-long program will continue for a least of two iterations in the following twelve months, with interested firms obtaining priority advice and services from DMCC in order to establish themselves officially at the Crypto Centre. The centre is a holistic environment for firms creating Web3 and blockchain tools and provides cryptocurrency companies as well as entrepreneurs with strategies for establishing and scaling operations.
“Through its Crypto Centre, DMCC has established a prominent ecosystem of Web3 and blockchain businesses, so there is no better location for us to run our latest accelerator program,” said Gaurav Dubey, CEO of TDeFi.
At the conclusion of every cohort, TDeFi will pick a bunch of entrepreneurs to participate in its intensive incubation program and offer them a wider range of TDeFi advisory facilities and its expanding ecosystem. With more than 550 members, DMCC Crypto Centre is the biggest collection of Web3 and blockchain enterprises in the MENA region.
Last October, the centre collaborated with the international venture capitalist Brinc to offer Web3 and blockchain firms access to a $150 million accelerator financing. As a component of an overall plan to expand its digital economy, the UAE has already been pressing to establish digital asset regulation to draw in novel forms of business. With its crypto-friendly rules, Dubai has become the Wall Street of the cryptocurrency world in recent years, as the Middle Eastern economic and financial centre has worked to attract firms into the cryptocurrency environment.
In a media release, Ahmed Bin Sulayem, executive chairman and CEO of DMCC, stated that “, “By offering cryptocurrency companies and innovators everything they require to flourish, we have firmly established Dubai as a prominent centre for crypto.”
A year ago, Dubai passed its first law regulating virtual assets and established the Virtual Assets Regulatory Authority (VARA) as the sector’s regulator. Several crypto firms, including Binance, Kraken, BitOasis, Rain, Bybit, and Crypto.com, have received licenses to operate in the UAE since then.
Chainalysis, a blockchain analytics company, stated that based on its Sub-Saharan Africa and Central and Southern Asia divisions, Dubai has grown into a gateway for cryptocurrency businesses that cater to consumers throughout Asia and Africa, and not only the Middle East. As per the platform’s database, the UAE is the fifth-largest cryptocurrency market in the Middle East, with a trading volume of approximately $48bn between July 2021 and June 2022.