Crypto exchange Bybit, which recently launched its headquarters out of Dubai UAE, but is still seeking its regulatory license has once again forged a partnership with DMCC ( Dubai Multi Commodities Center) to launch a $100K hackathon to develop the Web3 ecosystem in Dubai.

The hackathon will take place in Dubai on 22 November 2023 and is the latest milestone between DMCC and Bybit since both sides announced a strategic partnership in June to accelerate the mass adoption of crypto and web3 in Dubai.

During the final stage, up to 10 teams will compete to develop creative technical solutions to a range of challenges within the fields of artificial intelligence (AI), gaming and information security.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC said: “Dubai is fast consolidating its position as the most important Web3 hub in the region, and the DMCC-Bybit hackathon is the perfect testament of this in action. As Dubai continues its transition into an innovation-driven and knowledge-based economy, furthering the development of Web3 technologies is vital. This will be the largest hackathon of its kind in the region, pioneering the latest technical innovation in areas such as AI and gaming. We are delighted to continue our partnership with Bybit as we look to boost our Web3 community at DMCC Crypto Centre.”

Ben Zhou, Co-founder and CEO of Bybit added: “Tapping into the high levels of Web3 innovation taking place in Dubai is a key pillar of our strategy as we continue growing our global market share. This partnership with DMCC is enabling us to do exactly that, so we are excited to host the largest hackathons that this region has seen and further build our symbiotic relationship with the DMCC Crypto Centre.”

Prior to this Bybit contributed $250K scholarship fund to the American Univeristy of Sharjah.

The new partnership for the hackathon comes as Bybit suspends its services in the United Kingdom after financial regulator’s final warning. Bybit had also announced a similar winding down of services in Canada in May 2023.