Bybit, the world's third most visited crypto exchange, has announced a strategic partnership with the Dubai Multi Commodities Centre (DMCC). Bybit aims to accelerate the mass adoption of crypto in Dubai and deliver on its promise of investing in the web3 ecosystem in the emirate.
"We are delighted to be partnering with such a prestigious organization as the DMCC. We are committed to enriching the web3 ecosystem on our journey to become the world's 'Crypto Ark' and want to do our part in advancing innovation and competition in the digital economy. We look forward to bringing our own brand of next-level opportunities to the UAE's burgeoning crypto community," said Bybit Co-founder and CEO Ben Zhou in a press statement.
"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 in the emirate, so we are excited to have them on board as an official ecosystem partner. Thanks to Bybit's industry-leading expertise and financial contribution, this partnership will see the acceleration of the impact that Dubai's game-changing crypto and web3 businesses are having on the industry," said DMCC Executive Chairman and Chief Executive Ahmed Bin Sulayem.
The June 5 memorandum of understanding (MOU) follows the unveiling of Bybit's global headquarters in Dubai on April 17, when it alluded to further localization efforts in the region.
The MOU includes Bybit's pledge of financial support in the amount of AED 500,000 (US$136,147) to kickstart the growth journeys of 15 new web3 companies at the DMCC Crypto Centre. To qualify for this opportunity, startups must successfully pass the standard compliance and due diligence checks required by DMCC.
Bybit will also serve as DMCC's crypto listing partner and assist in other blockchain-related projects. The exchange will play an active advisory and guidance role at the DMCC Crypto Centre, sharing first-hand insights and technical know-how to help young projects succeed and get listed on the Bybit platform.
Currently on the roadmap are two hackathons in the DMCC's crypto and gaming centers. These hackathons will convene developers, entrepreneurs, and industry experts to collaborate and foster ground-breaking ideas to shape the crypto and web3 industries.