Dubai, June 5: Bybit, the world’s third most visited cryptocurrency exchange, has announced a strategic partnership with the Dubai Multi Commodities Centre (DMCC), a leading global business district. The collaboration aims to accelerate the mass adoption of cryptocurrencies in Dubai and support the growth of the Web3 ecosystem in the emirate. As part of the partnership, Bybit will become an official Ecosystem Partner for the DMCC Crypto Centre, which houses the largest concentration of crypto and Web3 businesses in the MENA region.
The partnership was formalized through a Memorandum of Understanding (MOU) between Bybit and DMCC. In line with this agreement, Bybit has committed to providing financial support of AED 500,000 to aid the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. These startups will be required to pass the standard compliance and due diligence checks mandated by DMCC. Bybit will also serve as DMCC’s crypto listing partner and offer assistance on blockchain-related projects.
The exchange will play an active advisory role, providing insights and technical expertise to help young projects succeed and gain listing on the Bybit platform.
The collaboration between Bybit and DMCC will extend beyond financial support and advisory roles.
The two organizations will host two hackathons, bringing together developers, entrepreneurs, and industry experts to foster collaboration and generate innovative ideas for the crypto and Web3 industries.
Bybit will contribute to the DMCC Crypto Centre’s knowledge-sharing and capacity-building efforts through webinars, curated courses, educational content, and awareness campaigns.
Additionally, Bybit’s expertise and resources will be made available to DMCC Crypto Centre member companies to support their ambitions.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive of DMCC, expressed his excitement about the partnership, stating that Dubai has solidified its position as a global hub for crypto and Web3, with the DMCC Crypto Centre hosting the highest concentration of crypto firms in the region. He emphasized the positive impact that Bybit’s presence in Dubai will have on the industry and praised Bybit’s industry-leading expertise and financial contribution.
The partnership reflects the shared vision of Bybit and DMCC to develop a vibrant hub for blockchain-based activities and connectivity. As an Ecosystem Partner, Bybit will gain access to DMCC’s broad membership, which includes technology partners, government bodies, investors, incubators/accelerators, and service providers.
Ben Zhou, co-founder and CEO of Bybit, expressed his delight at partnering with DMCC, emphasizing Bybit’s commitment to enriching the Web3 ecosystem and advancing innovation and competition in the digital economy.
Feras Al Sadek, Managing Partner at Ghaf Capital Partner & Ghaf Labs, commended the partnership, highlighting the significance of Web3 collaboration and support.
He expressed his enthusiasm for how the partnership will add value to the Web3 ecosystem and reaffirmed his dedication to enriching and interconnecting the Web3 ecosystem in the UAE.
Overall, the partnership between Bybit and DMCC marks a significant milestone in the advancement of the crypto industry in Dubai and signals a commitment to fostering innovation and growth in the Web3 ecosystem.
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