Dubai Multi Commodities Centre (DMCC), the Dubai government authority on commodities trade and enterprise, has announced the launch of its own Crypto Valley ecosystem in a partnership with CV VC and CV Labs.
Under the agreement, announced at Davos earlier this month, the entities will be launching what is claimed to be the world’s largest ecosystem for cryptographic, blockchain, and distributed ledger technologies.
The DMCC Crypto Valley, which aims to foster growth, collaboration and integrity across the global blockchain economy, is set to offer a wide range of services that will include incubation for early-stage startups, co-working facilities, innovation services for corporate clients, blockchain and entrepreneurship training, education, events, mentoring and funding. By signing the agreement, both parties will partner and develop a comprehensive DMCC blockchain strategy that is aligned with the Emirates Blockchain Strategy 2021.
The location of the partnering companies, in Zug, would be familiar to industry watchers given the location of the already-successful Swiss crypto valley. There are currently more than 800 crypto firms based in Switzerland and Liechtenstein. According to a recent study, also released at Davos, nearly 100 more new businesses were established in the Valley in 2019. Moreover, the employment trajectory also significantly went up in the sector from 3,300 in 2018 to 4,400 by end of 2019. However, where on one hand there is an increase, the entire crypto industry has witnessed a slow growth rate across the industry, as reports suggest that the number of ‘startup casualties’ is on the rise.
At the Blockchain Expo Europe event in 2018, Anthony Lauriola, COO of Block Gemini, noted the potential Dubai was bringing to the space. “One of the main things that people are aware of is the fact that the government in Dubai is seeking to be the first to have all of its government-related operations on the blockchain – this is a mandate that they seek to bring into fruition by 2020,” said Lauriola. “[The UAE] has really made it known worldwide that they want to be the first country to be leveraging this technology on a very major scale.”
While we may not quite be at that stage yet, expect this crypto valley launch to bring through some acceleration.
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