American University of Sharjah, Bybit establish new scholarship fund

Crypto exchange Bybit has partnered with the American University of Sharjah (AUS) to advance crypto adoption in the UAE.

The entities signed a memorandum of understanding signed in Sharjah by virtue of which the cryptocurrency firm will contribute Dhs1m to establish a scholarship fund, according to a report published by the state news agency, WAM.

The fund will support 20 students to drive their academic and research efforts towards fintech and blockchain at AUS.

Eligible computer science and computer engineering students will benefit from the Bybit Scholarship as soon as this fall, WAM reported.

Bybit to sponsor other initiatives

The cryptocurrency firm is also committed to broader initiatives including an additional Dhs100,000 to sponsor a hackathon for the blockchain community in the UAE. The first AUS-Bybit Inter-College Hackathon will be held at the AUS College of Engineering in the 2023-2024 academic year.

Dr Susan Mumm, chancellor of AUS, said: “Through this partnership with Bybit, our students will have access to the technical knowledge that helps them keep up with all that is novel in the crypto and blockchain industry, enhance their skills and support their education through the establishment of the Bybit Scholarship.”

“Younger generations hold the key in driving the blockchain revolution forward,” said Ben Zhou, co-founder and CEO of Bybit. “We are pleased to create the Bybit Scholarship at AUS to help their talented students future-proof their knowledge and skills. We thank AUS for the opportunities to raise crypto awareness and share first-hand knowledge of the industry with students from one of the most prestigious universities in the region. I look forward to being inspired by the future engineers, blockchain scientists, and Web3 startup founders.”

Bybit unveiled its Dubai headquarters in April 2023.

In recent news, Dubai Multi Commodities Centre (DMCC) announced a collaboration with the cryptocurrency firm.

As part of the partnership, the cryptocurrency company will offer financial assistance amounting to Dhs500,000 to support new crypto ventures interested in establishing themselves within the DMCC Crypto Centre, the largest community of Web3 and blockchain businesses in the region.