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Fri 24 Jan 2020 11:00 AM

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Dubai free zone inks deal to set up world's largest crypto ecosystem

Dubai Multi Commodities Centre has announced a partnership with CV VC and CV Labs to launch Crypto Valley

Dubai free zone inks deal to set up world's largest crypto ecosystem
(Photo for illustrative purposes only)

Dubai Multi Commodities Centre (DMCC) has announced a partnership with CV VC and CV Labs to launch Crypto Valley, the world's largest ecosystem for cryptographic, blockchain and distributed ledger technologies.

Designed to foster growth, collaboration and integrity across the global blockchain economy, the DMCC Crypto Valley will offer a variety of services including incubation for early-stage start-ups, co-working facilities, innovation services for corporate clients, blockchain and entrepreneurship training, education, events, mentoring and funding.

Signed on the sidelines of the World Economic Forum in Davos, the agreement sees DMCC work alongside both CV VC, and its subsidiary CV Labs, to develop an ecosystem in Jumeirah Lakes Towers, DMCC's business district, where over 17,000 companies are currently registered, a statement said.

"Sat at the crossroads of the world, DMCC is a dynamic business hub that drives global trade through Dubai. The launch of the Crypto Valley in DMCC will enhance the city's dynamic business environment, and support the wider strategy of the UAE Government to attract the innovators, entrepreneurs and pioneers that will shape the future economy," the statement added.

The agreement commits both parties to collaborate and develop a DMCC Blockchain Strategy that is aligned with the UAE Blockchain Strategy 2021.

"We are thrilled to move into the MENA region with DMCC as a very strong local partner. In our opinion the competence from Crypto Valley based companies will support the ambitious goals and strategy to use blockchain in Dubai and beyond! On the other side the capital from the MENA region could help to build even more successful projects and startups and foster the settlement of new blockchain focused companies in the UAE," said Ralf Glabischnig, founder of CV VC and CV Labs.

"We are looking forward to bringing our strong partner from Crypto Valley to Dubai, like CoreLedger, inacta, Lykke, and Tezos which are already active in the MENA region," he added.

Research from DMCC's Future of Trade report found that blockchain could help reduce up to 20 percent of the physical paper costs associated with global trade, currently estimated at $1.8 trillion.

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