Dubai Multi Commodities Centre (DMCC) is partnering with global cryptocurrency firm Bybit to accelerate the mass adoption of crypto in Dubai and encourage investments in the Web3 ecosystem in the emirate.

As part of the partnership, Bybit will offer financial support of up to $137,000 to kick off the launch of 15 new Web3 companies at the DMCC Crypto Center. Interested startups can apply and pass the standard compliance and due diligence checks required by DMCC.

Bybit will serve as the listing partner for the crypto center, offering firsthand insights and technical know-how to help early ventures succeed and get listed on its platform.

Currently on the pipeline are two hackathons in the DMCC’s crypto and gaming centers. The hackathons aim to gather developers, entrepreneurs, and industry experts to foster innovative ideas to shape the crypto and Web3 industries.

The DMCC Crypto Center, home to more than 550 businesses in the Web3 and blockchain space, will offer Bybit another avenue for collaboration with crypto and Web3 entrepreneurs and founders. The tech company will also contribute to the center’s knowledge-sharing and capacity-building efforts in the digital economy through webinars, curated courses, educational content, and awareness campaigns.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive of DMCC, noted that the partnership will “see the acceleration of the impact that Dubai’s game-changing crypto and Web3 businesses are having on the industry.”