DMCC, Bybit join forces to propel crypto and Web3 adoption in Dubai

Image credit: Dubai Media Office

Dubai Multi Commodities Centre (DMCC) – the free zone and Government of Dubai Authority on commodities trade and enterprise has announced a collaboration with Bybit, a global cryptocurrency firm.

As part of the partnership, Bybit 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.

Bybit will serve as the listing partner for the crypto centre, providing specialised support to crypto companies seeking to list digital assets on leading international exchanges.

Moreover, crypto centre members will gain access to Bybit Services.

Bybit, headquartered in Dubai, stands as the world’s third most popular crypto exchange, featuring a user base of over 15 million individuals.

As DMCC looks to further enhance the support available to members of the crypto centre, Bybit will also participate in the crypto centre’s educational initiatives by delivering webinars and educational courses about the digital assets industry and emerging trends, centralised exchanges and their impact in shaping the Web3 industry.

Ahmed Bin Sulayem, executive chairman and chief executive of DMCC, said: “Dubai has truly cemented its position as a global hub for crypto and Web3, with the DMCC Crypto Centre boasting the highest concentration of crypto firms in the region. This status has only been bolstered by Bybit’s presence, so we are excited to have them on board as an official ecosystem partner.”

Ben Zhou, co-founder and CEO of Bybit, said: “Through the efforts of entities such as DMCC, Dubai has certainly become a global focal point for the crypto industry.

The emirate is full of high-potential Web3 businesses, so we are proud to be working with DMCC to facilitate their success and continue the evolution of the crypto industry and global digital economy.

By bringing our standard of transparency, listing and custodial expertise and services to Crypto Centre members, we can have a tangible impact on Dubai’s future as the crypto capital and deliver on our aim to be the world’s ‘Crypto Ark’.”

Meanwhile, the DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain projects, and associated value-added services, providing everything that crypto businesses and entrepreneurs need to set up and scale their operations.

The centre is home to over 550 businesses operating in the Web3 and blockchain space.

New representative office in Mumbai

In other news, DMCC recently announced its partnership with business services firm PP Shah and Associates to open a representative office in Mumbai, India.

Through the new office, it aims to boost the relationship between the UAE and India in support of the UAE-India Comprehensive Economic Partnership Agreement (CEPA) signed last year.

Leveraging DMCC’s regulatory framework and reputation within Indian business circles, the representative office will provide a one-stop solution for Indian businesses looking to expand through Dubai and help them establish a presence in DMCC.

Read: DMCC opens representative office in Mumbai to bolster UAE-India relations