UAE – Mubasher: The Dubai Multi Commodities Centre (DMCC) has signed an agreement with Crypto Valley Venture Capital (CV VC) and CV Labs to launch an ecosystem for cryptographic, blockchain, and distributed ledger technologies in Dubai.
The new project, DMCC Crypto Valley, will offer a variety of services including incubation for early-stage startups, co-working facilities, innovation services for corporate clients, blockchain and entrepreneurship training, education, events, mentoring, and funding, according to a statement released on Friday.
“DMCC is delighted to sign this agreement with CV VC, and launch the Crypto Valley in Dubai, at the very heart of Dubai’s leading business district,” DMCC’s executive chairman and CEO Ahmed Bin Sulayem commented.
Under the agreement, DMCC, CV VC, and CV Labs will collaborate and develop a comprehensive DMCC Blockchain Strategy that is aligned with the Emirates Blockchain Strategy 2021 and supports the Dubai Blockchain Strategy.
"We are thrilled to move into the MENA region with DMCC as a 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," founder of CV VC and CV Labs, Ralf Glabischnig, said.
Blockchain technology is expected to reduce up to 20% of the actual physical paper costs associated with global trade, which is estimated at AED 6.6 trillion ($1.8 trillion), according to DMCC’s future of trade report.