UAE $2 billion crypto mining farm will be finalized in Q2 of 2023

UAE $2 billion crypto mining farm will be finalized in Q2 of 2023

As Phoenix Technology announced its entrance into a strategic exclusive regional partnership with Blockchain crypto mining product entity, they also noted that Phoenix Technology which embarked on establishing a $2 billion crypto-mining farm in the UAE, the biggest crypto mining project in the region will be completed in the next six months, or Q2 of 2023.  The press release notes, “The project will be finalized within six months, giving the region a taste of technological advancement and development.”

In February 2022 Phoenix had announced it was part of the group of entities developing the UAE crypto mining farm and had also stated in a interview with Irena Heaver that the project would be finalized in the next six months. Almost a year later, and their latest press release states the UAE crypto mining farm will be launched in the next six months. 

The partnership with MicroBT, a technology company based on blockchain, will allow Phoenix Technology to sell WhatsMiner brand in the GCC countries (UAE, Bahrain, KSA, Oman, Qatar and Kuwait), Egypt and Turkey market.

Carl Agren, CEO of Phoenix Technology, commented, “I’m very excited about this strategic partnership. WhatsMiner by MicroBT is one of the leading brands for manufacturing mining equipment. They are already very successful in the rest of the world and would like to strengthen their presence in the MENA market with the support of Phoenix Technology.”

MicroBT, which was founded in 2016 and is headquartered in Shenzhen with R&D centers in Beijing and Shanghai, provides customers with high-quality products and services, and has become an industry leader in the field of blockchain servers.

Dr. Yang, Founder of MicroBT, said, “With our technical background, we noticed that blockchain technology is truly the key to a decentralized and advanced world. As the technology grows by the day, we are happy to partner with Phoenix Technology to spread these solutions worldwide, especially in the MENA region.”

According to the latest market forecast report by Technavio, the Cryptocurrency Mining Hardware Market share is set to increase by $12 billion from 2022 to 2027. The momentum of growth in the market is going to accelerate at a CAGR of 11.35%. The market will also experience a 10.71% Y-O-Y growth rate during this period.

The press release notes that given that the UAE is a crypto-friendly country, it is important to note that the mining business has dramatically grown in the territory. In fact, although Bitcoin mining started with solo miners quietly building up currency reserves on their home computers, those days are long gone.

UAE Midchain’s crypto exchange partners with UAE Bank to offer secure channel for crypto trading and investing

UAE Midchain’s crypto exchange partners with UAE Bank to offer secure channel for crypto trading and investing

UAE Midchain’s, crypto exchange for trading digital assets has partnered with UAE Al  Maryah Community Bank, the leading digital bank to provide a secure channel for investing and trading cryptocurrencies and digital assets through the bank’s establishment of escrow accounts in UAE dirhams to protect investors’ funds on cryptocurrency trading platforms and boost their trust.

Within the framework of this cooperation, Al Maryah Community Bank seeks to support cryptocurrency trading platforms by using artificial intelligence technologies to automate transfers of Escrow accounts while purchasing and trading transactions according to the highest standards of safety, reliability, and transparency, and to accommodate the needs of investors and enhance the trust in the cryptocurrency market. This will be monitored by the Central Bank of the United Arab Emirates and will be facilitated according to its regulations and laws to protect investors and to ensure the protection of investors’ accounts by separating them from the accounts of trading companies in order to avoid any potential risks.

This step contributes to achieving the strategy of the Al Maryah Community Bank to develop innovative and safe solutions for digital investment in line with the vision of the Abu Dhabi Global Market to strengthen the UAE’s economy and Abu Dhabi’s leading status as a global financial center, which was symbolized by the concept of the “Falcon Economy” that was announced during the activities of the “Abu Dhabi Financial Week”.

On this occasion, Mohammed Wassim Khayatah CEO of Al Maryah Bank stated, “We seek to protect users of local trading platforms from any potential risks, in accordance with the regulations of the Central Bank of the United Arab Emirates, and as part of such efforts, we are pleased to cooperate with “MidChains”, one of the first local trading platforms for cryptocurrencies and digital assets that is fully licensed by the Abu Dhabi Global Market, in order to provide safe Escrow accounts that protect investors’ funds and separate them from trading companies’ accounts, thus protecting transfers, transactions, and balances of funds in cryptocurrency trading.

In return, Basil Al-Askari added, “If cryptocurrency is to become mainstream, it is clear that mainstream players will need to be involved. Our partnership with Al Maryah Community bank comes in line with similar partnerships being forged across the virtual asset industry. Traditional institutions are working alongside exchanges to expand access to this exciting and innovative new asset class. As one of the only fully licensed exchanges in the world we can offer banks a trusted platform partner with regulatory oversight to provide a feasible way into the virtual asset space for their existing customers and also help the bank attract a whole new type of crypto savvy consumer.”

UAE now has two crypto hubs and two blockchain crypto asset associations

UAE now has two crypto hubs and two blockchain crypto asset associations

The Abu Dhabi Finance Week witnessed a lot of announcements including Abu Dhabi Global Market (ADGM) crypto hub the second crypto hub in UAE after Dubai’s Digital Assets Business Group and the crypto center in Dubai Multi Commodities Centre DMCC in Dubai. 

As per the announcement, given the rapid emergence of new virtual assets such as cryptocurrencies and other related assets, ADGM is leading the way to introduce progressive frameworks and regulations around these technologies and developments.

The launch of “Abu Dhabi Crypto Hub” is therefore an important representation of the strategic initiatives taken by ADGM in support of economic diversification and the growing role of Abu Dhabi as a financial hub, addressing the current and future needs of the market through innovative technologies.

Crypto Abu Dhabi served as a vital platform to facilitate the assembly of the global crypto, blockchain and decentralized finance entities and elaborated on some of the most disruptive financial technology of our age, while also discussing and planning the long-term growth and development goals of an exciting, dynamic and forward-looking sector of the financial industry.

This also comes after Abu Dhabi launched its own Middle East, Africa & Asia Crypto & Blockchain Association (MEAACBA) backed as well by ADGM. As per the announcement it was seen as a pivotal step forward in the development of accessible, transparent, and compliant crypto-blockchain ecosystems.

The non-profit member-driven organization has cross-industry representation with a focus on education, coordination, and innovation for participants across the crypto and blockchain ecosystem.

  • Jehanzeb Awan (Chairman)
  • Richard Teng – Regional Head of MENA, Binance
  • Stuart Isted – GM, MEA, Crypto.com
  • Ola Doudin – CEO & Cofounder, BitOasis
  • Basil Al Askari – Co Founder and CEO, MidChains
  • Joseph Dallago – CEO and Co-Founder, Rain Financial
  • Dapo Ako – MD, J. Awan & Partners

Board Chairman, Jehanzeb Awan, stated “We are dedicated to educating the global community and helping all businesses succeed and thrive. This will be delivered by industry experts sharing knowledge through webinars, courses and events. The Association will also promote responsible innovation through its ‘Moon-shot’ lab to which all participants can contribute.”

Ahmed Jasim Al Zaabi, Chairman of ADGM, commented: “The decision by MEAACBA to incorporate in ADGM is a clear acknowledgment of the progressive regulations ADGM has built, to enable the development of technological innovation in crypto. We look forward to working closely with MEAACBA to support the development of crypto and blockchain ecosystems. We strongly believe that the Association will positively contribute towards bolstering Abu Dhabi and the UAE’s digital economy and adoption.”

MEAACBA membership is open to all companies and individuals across the Middle East, Asia, and Africa involved with the blockchain and crypto ecosystem, including exchanges, custodians, consulting firms, technology developers, digital asset traders, and NFT/ Metaverse firms.

Just two months prior, Dubai’s Digital Assets Business Group (D2A2) was launched by Dubai Chamber of Digital Economy. As per the announcement at the time, the group aimed to strengthen the digital asset industry’s role in the economic development of the UAE and the wider Middle East region, enhance digital business infrastructure and support the growth of digital companies in Dubai.

His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of Dubai Chamber of Digital Economy, emphasized the formation of D2A2 as a strategic move aligned with Dubai Chamber of Digital Economy’s strategy, which aims to fast track the growth of Dubai’s digital economy.

D2A2 was touted to be an important reference providing strategic and up-to-date market research data related to the digital asset sector to industry stakeholders, the private sector, policymakers and government entities.

Gaurang Desai, Chairman of D2A2, said: “We see an opportunity to turn Dubai and the UAE into a regional hub for digital assets. That is why it is very important to work towards creating a bridge for the digital asset industry to further integrate into the world economy by cooperating with counterpart organizations across the world. We wish to welcome all experts in the industry to come and join D2A2, to help us spread the principles of accountability, integrity and transparency, and promote the highest professional and ethical standards. D2A2 will reinforce the digital asset industry’s commitment to society by educating the public and developing tools to bolster the access to and advancement of technology for all. It will also support the digital asset industry’s efforts to improve quality, the environment, and energy management and investor protection.”

So where does the Crypto Oasis ecosystem come in to all of this? It was the first ecosystem to be launched in the UAE to help promote blockchain and crypto companies and regulations. Ralf Gabischnig told LaraontheBlock, “We have just started to accept memberships into the Crypto Oasis ecosystem and I believe every association or ecosystem has its own target. I believe in cooperation and doing all we can to grow a small markets together into a very big market.” He hopes to expand their scope to include the entire UAE and MENA region.

So while the world grapples with the events of FTX exchange and its aftermath, the UAE continues to build its crypto blockchain economy and we might see more associations pop up in other parts of the UAE.

UAE ADGM courts launches blockchain commercial judgements for international trade and commerce

UAE ADGM courts launches blockchain commercial judgements for international trade and commerce

UAE ADGM courts have launched the first ever introduction of blockchain technology for the global enforcement of commercial judgements during the Abu Dhabi Finance Week (ADFW) witnessed during its Fintech Abu Dhabi Festival.

The blockchain solution will result in substantial time and cost savings for parties in the enforcement of their commercial judgments. Secure, immutable judgments will be immediately available to parties and enforcing courts, via ADGM’s website, an API or directly on the blockchain for member courts. Parties will no longer need to wait for a certified copy of the judgment to start the process in the enforcing jurisdiction. This is a major development for international trade and commerce.

Commenting on this transformational development, Linda Fitz-Alan, Registrar and CEO of ADGM Courts states, “Our vision has always been to massively transform the delivery of judicial services through technology. Our focus has now turned to enforcement to respond to the pressing needs of the international business community, and to drive sustainable change for the justice sector. This trailblazing introduction of blockchain technology for commercial courts underscores ADGM and ADGM Courts’ reputation as leaders in the digitization of justice.

A month earlier the DIFC (Dubai International Financial Centre) courts announced the launch of its Blockchain enabled global digital vault, Tejouri. The Tejouri vault built on Hedera Hashgraph blockchain will enable the upload and secure storing of documents ranging from insurance contracts, title deeds, Wills, and financial certificates, to images and multimedia files and can be utilized by all individuals globally.

Access to all data will be restricted to the ‘vault holder’ and the listed intended recipients, guaranteeing zero knowledge proof privacy principles. At the time His Excellency Justice Omar Al Mheiri, Director, DIFC Courts, said: “In our new digitally driven societies, we are all accumulating mass amounts of important documentation, whether it is for professional, or personal purposes. tejouri has been engineered to help address issues of storage and security of these documents and to enable individuals to now transfer this data to one secure location. The DIFC Courts, together with its public and private sector partners, is proud to be able to offer this distinctive service to the public, and to help contribute to a safer digital environment for all.”

Blockchain enabled payment solutions provider partners in KSA to offer ewallet payments to Hajj Pilgrims

Blockchain enabled payment solutions provider partners in KSA to offer ewallet payments to Hajj Pilgrims

KSA based Geidea, a leading fintech company in Saudi Arabia and Blockchain based payments solutions, WadzPay Middle East Technology (affiliate of WadzPay Worldwide) have forged a new strategic partnership to power the transformation of pilgrimage payments.

Geidea is utilizing the issuance of an e-money wallet, specifically for Hajj and Umrah, to be used in over one million point-of-sale (POS) terminals deployed across multiple merchants throughout the Kingdom of Saudi Arabia.

WadzPay blockchain-based payment solutions allow Hajj and Umrah pilgrims to set up their own e-Money wallets on their mobile devices to be used for their expenses. Once the wallet is loaded, the pilgrim is ready to spend in Saudi Arabia with lower transaction fees and a user-friendly refund process.


According to Mastercard’s latest Global Destination Cities Index, Mecca attracted $20 billion in tourist dollars in 2018, second only to Dubai. The number of pilgrims is expected to increase significantly in the coming years, with the Kingdom has set a goal to host 30 million pilgrims by 2030,  in line with Saudi Vision 2030.

This year, the hajj rituals were performed by at least one million pilgrims worldwide after two years of restrictions due to the COVID-19 pandemic.

WadzPay partnered with Algorand, a high-performance, next-generation ISO 20022 and Sharia-compliant blockchain with a roadmap to 46,000 transactions per second to deliver industry-leading stability and near-instant finality to its clients.

WadzPay Founder and Group CEO Anish Jain said, “I am delighted to team up with Geidea to deliver the absolute best in payments experience for pilgrims. Saudi Arabia is home to the annual Hajj and Umrah, about one million people from nearly two hundred countries perform these pilgrimages; with Geidea merchant and POS networks, WadzPay is also enabling merchants to benefit from faster, secure and seamless payments”.

Renier Lemmens, CEO at Geidea said, “The pilgrim market is an incredibly important part of the Saudi economy, which is why we are thrilled to partner with WadzPay in a move that will unlock vast SME business success for merchants across the Kingdom. The integration of an e-wallet into over a million merchant POS systems will also make transactions faster and safer for the millions of pilgrims that visit Hajj and Umrah every year – and we’re delighted to be able to help them on their way.”

Sailesh Malhotra, GM, GCC at Geidea, said: “This partnership enables us to offer our merchants and pilgrims a best-in-class experience whenever they make payments. The delivery of a swift transaction process for merchants – and a seamless payment experience for pilgrims – are critical drivers for this partnership goal.”

WadzPay, which was awarded Top 10 Most Promising Payment and Merchant Service Providers by SiliconIndia Magazine 2021, is a leading blockchain payment technology, solution and service provider. It operates in and serves partners and clients across APAC, MENA, Africa and the United States.

Geidea is a leading fintech and fully licensed payment service provider offering digital banking technologies, smart payment terminals and business management solutions for both financial institutions and small businesses in retail and digital commerce across the region.

UAE Mubadala Capital leads $70 million investment in Web3 Fintech startup Ramp

UAE Mubadala Capital leads $70 million investment in Web3 Fintech startup Ramp

UAE based Mubadala Capital led a Series B funding round of $70 million for Ramp Network, whose claim their mission is to make Web3 a reality by enabling mainstream adoption of  products and services offered by pioneering blockchain ventures.

Ramp Network does this by offering a payment infrastructure that connects crypto and traditional finance.

“Ramp has established a clear lead in the crypto gaming space by delivering a superior user experience, leading conversion rates and strong regulatory compliance,” said Frederic Lardieg at Mubadala Capital Ventures.

Among the investors was Korelya Capital,  Balderton Capital which led its $53 million Series A, and new investor Cogito Capital.

The firm has now raised over $120 million in the past year. It offers a payment product that lets users buy cryptocurrencies inside any application or website, essentially the Web3 answer to services like PayPal (PYPL) or Stripe. Its customers include GameStop (GME), crypto-based fantasy sports company Sorare, play-to-earn online game Axie Infinity and Ledger, maker of hardware crypto wallets.

Ramp plans to use the capital to hire for a number of senior roles. It has about 70 open positions, which means its staff will number 200, Co-founder and CEO Szymon Sypniewicz told CoinDesk in an email. The funding will also go toward adding local fiat currencies and payment methods as part of a global expansion.

Sypniewicz states, “Our goal is to keep building infrastructure to make Web3 easy and accessible. Despite current market conditions, we see a growing trend of web2 companies looking to move into Web3, and we’re uniquely positioned to help them through this transformation. That’s why we’re doubling down on growth.”

“Local payment methods reduce friction and costs for lower-income regions, while being more intuitive and accessible for more people in the world,” Sypniewicz said. “This is particularly true in LatAm and Asia, both regions that have seen explosive crypto adoption, and that we consider our next strategic targets.”

As part of the investment, Mubadala Capital’s Frederic Lardieg has joined Ramp’s as a director, and Korelya Capital partner Paul Degueuse joined as an observer.

Ramp said payment volumes have increased 240% year-over-year, and the number of unique users coming from integration partners rose by more than seven times.

It was not surprising to see Mubadala Capital invest in Blockchain crypto entity, given its open sponsorship of Token 2049 in London.

Alex Tapscott hails blockchain startup PermianChain as a digital asset revolution for natural resources

Alex Tapscott hails blockchain startup PermianChain as a digital asset revolution for natural resources

Alex Tapscott, author of Digital Asset Revolution and co-founder of the Blockchain Research Institute, hails Web3 and blockchain start-up, PermianChain for bringing the digital asset revolution to the natural resource sectors.

Chapter 7 is dedicated to how blockchain creates value through natural asset tokens (NATs), mainly in oil and natural gas. Mohamed El-Masri, Founder and CEO of PermianChain and CEO of Brox Equity, explains the mechanics behind energy tokenization within a blockchain-enabled ecosystem. 

El-Masri discusses how utilization of blockchain is changing the way exploration and production companies raise capital as well as how investors and consumers participate in a digital energy market with surplus or shortage. 

PermianChain’s solution is a digital platform combining a blockchain, decentralized cloud storage and Web3 compatible features that supports two forms of digital economics, one being a security token and the other being a utility token. Chapter 7 of Digital Asset Revolution also delves into how PermianChain introduces a digital midstream solution to powering bitcoin mining rigs through oil and gas operators. 

Tapscott states, “This is the kind of fresh thinking that this industry needs!”

Back in April 2020, reduced consumer demand caused oil futures to fall into negative territory, oil firms had to pay entities to take oil off their hands as temporary storage was exhausted. Additionally, increased political pressure and lack of commercial viability in some areas has caused natural gas assets and resources to be stranded or wasted (i.e., flared or vented), in both situations taking away economic benefit from communities while the latter is causing harm to the environment. On the flip side, current global energy demand is outstripping supply, causing marginal oil and gas fields to become commercially viable. Unfortunately, the lack of incentive for oil and gas firms to invest in stranded [or distressed] energy assets did not allow regional and global energy markets to make better use of such wasted resources, until now.    

“These challenges, while daunting, are the exact type that we can mitigate by using blockchain technology and proof of work infrastructure. We provide the gateway for the oil and gas sector to enter the world of DeFi, bitcoin and crypto markets by making contingent sources commercially recoverable. Making PermianChain the meta-grid for a digital energy economy, says El-Masri. 

PermianChain’s native token, the digital energy currency (DEC) and the first compliant natural asset security token (NAST), the BROX Token issued by Brox Equity, are live within the PermianChain ecosystem. 

For the first time ever, PermianChain will be showcasing an exclusive demo of its digital energy market and natural resources tokenization platform on the 9th of November 2022 at the Web3 & Blockchain World (W3B) in Toronto, Canada, co-hosted by the Blockchain Research Institute (BRI), a global independent blockchain think-tank, and MCI Group, the world’s largest engagement agency.

Siemens Energy and Abu Dhabi investment office collaborate on Blockchain for Energy applications

Siemens Energy and Abu Dhabi investment office collaborate on Blockchain for Energy applications

Siemens Energy in its belief that progress on clean energy solutions will provide golden opportunities and socio economic benefits has partnered with Abu Dhabi Investment Office to accelerate the journey to net zero with the Middle East Innovation center that will focus on Blockchain for energy applications among others.

Under the partnership, Siemens Energy will receive support to set up its Middle East Innovation Centre in Abu Dhabi, as part of ADIO’s AED 2 billion (USD 545 million) Innovation Program that creates growth opportunities for businesses in the emirate.

The center represents one of four Siemens Energy-established global Innovation Centers, with other locations in Orlando in the United States, Shenzhen in China, and Berlin in Germany. These hubs are designed to bring customers, industrial partners, and academia together, and act as incubators for new startups, and technologies.

The Siemens Energy Innovation Center will be located at the Khalifa University campus in Abu Dhabi, where Siemens Energy can share the right tools, skills, and broad experience to unleash the talent of young engineers.

The Innovation Center will strengthen specialized skillsets and create up to 75 high-skilled jobs in Abu Dhabi by 2025. Siemens Energy will also offer at least six internships annually to students from Abu Dhabi universities, of which 50 percent of the interns will be Emiratis.

As per the announcement, the focus is on co-creating decarbonization technologies in the areas of Power-to-X, Decarbonized Heat and Industrial Processes, Condition-based Service Interventions, Energy Storage & Fuel Cells, and Blockchain for Energy applications, among others.

Eng. Abdulla Abdul Aziz AlShamsi, Acting Director General of ADIO, said: “As the UAE makes strides toward our net zero goal, we are prioritizing the development of pioneering technologies to meet the demand for sustainable energy. The partnership between ADIO and Siemens Energy will enrich the energy technology ecosystem with the introduction of new ideas and solutions that open pathways for the global energy transition. ADIO will continue to partner with innovation-driven companies in high-impact sectors to help them reach the next stage of their growth.”

Dietmar Siersdorfer, Managing Director UAE and Middle East, Siemens Energy, said: “To accelerate decarbonization and reach net zero faster, we need to leverage partnership and innovation. As one of four globally, this Siemens Energy Innovation Centre in Abu Dhabi, in collaboration with ADIO, will enable us to leverage the rich industrial ecosystem in Abu Dhabi, and work with startups, academia as well as public and private companies to develop and commercialize new technologies that will make a meaningful impact on carbon reduction.” 

The launch of the Innovation Centre not only aligns with the goals of 2022’s COP27 in Egypt but supports the vision for 2023’s COP28 in the UAE, which aims to increase global climate action, while maximizing the economic benefits both regionally and globally.

Siemens Energy is also working with UAE ADNOC on the same goals using blockchain technology.

Saudi Arabian SABB Bank utilizes Contour Blockchain for Trade Finance

Saudi Arabian SABB Bank utilizes Contour Blockchain for Trade Finance

Saudi Arabian, Saudi British Bank (SABB) is utilizing Contour Blockchain platform to enhance trade finance by improving letter of credit and guarantee procedures for enterprises and international businesses. SABB is working with local fintech entity Bwatech.

SABB is now the first bank in KSA to provide the ability to exchange commercial documents digitally, facilitate the procedures for letters of credit using a decentralized technology, and reduce dependency on paper documents and the time required for document settlement in commercial transactions. 

The Blockchain enabled Contour platform improves transaction security because the data that is shared on the network enjoys a high degree of protection and privacy, which reduces the risk of fraud.

The Bwatech platform boosts the automation of bank guarantees. This service aims to replace paper-based procedures with advanced technical methods by linking banks issuing these guarantees with their beneficiaries to expedite the implementation of the issuance and subsequent procedures.

Yasser Al-Barrak, SABB’s CEO of Corporate and Institutional Banking states, “We are extremely proud of the key role that SABB plays in the expansion and development of global trade, while contributing to our Kingdom’s economic and commercial development under Vision 2030. We are committed to make further progress in executing the bank’s digital transformation plans, in this instance to remove obstacles in Trade Finance, improve national trade flows and accelerate the pace of trade for companies operating in the Kingdom. To achieve this SABB is happy to leverage the latest technologies such as blockchain and is flexible enough to work with leading Fintechs. This will contribute to Vision 2030 goals to make the Kingdom a regional trade hub.”

SABB was the first bank in the KSA to complete an international trade transaction via Blockchain technology.

Contour blockchain has been working with various sectors across MENA to improve trade finance.

In early 2022 The European Bank for Reconstruction and Development (EBRD), and Egypt’s QNB AlAhli bank have facilitating three test letters of credit on the digital trade finance network Contour utilizing Blockchain enabled CargoX platform. The trial took place with QNB ALAHLI bank one of Egypt’s largest commercial banks, acting as issuing bank and the Blockchain enabled CargoX Platform used for electronic presentation of documents.

In September 2022 HSBC has executed a blockchain-enabled, trade finance transaction between Chinese car manufacturer SAIC Motor and the Taajeer Group, Saudi Arabia’s exclusive agent for MG cars. The transaction was conducted on the Contour platform and became the region’s first for the automotive sector.

Singapore based Contour blockchain launched in 2020  after a series of ground-breaking live pilots in 14 countries and a global trial with more than 50 banks and corporates, which reduced processing times for Letters of Credit by over 90%, from 5-10 days to under 24 hours for an industry of USD 18 trillion.

UAE DMCC and South Korean Blockchain industry in Busan City to spur blockchain web3 adoption

UAE DMCC and South Korean Blockchain industry in Busan City to spur blockchain web3 adoption

UAE DMCC, Dubai MultiCommodities Centre has signed an agreement with South Korea’s blockchain industry, Busan Metropolitan City, to support global development and adoption of blockchain and web3 technologies. 

During a two-day roadshow of Seoul and Busan, DMCC signed a Memorandum of Understanding (“MoU”) with Busan Metropolitan City that will see the two parties work together on connecting the blockchain ecosystems in Dubai and Busan by hosting regular knowledge-sharing events and connecting crypto, blockchain and web3 businesses in the two cities.

During a welcome speech at the Blockchain Week Busan event, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Blockchain and web3 technologies are revolutionizing industries and sectors across the globe, from finance, healthcare and gaming to business operations such as supply chain management and the sale of goods and services. As we solidify the emirate’s position as a global capital for blockchain and web3, it is clear that there is a substantial opportunity for Dubai and South Korea to collaborate more closely to advance the global industry.”

DMCC’s latest MoU with Busan bolsters the free zone’s global network and reinforces its commitment to building an interconnected blockchain ecosystem.

Park Heong-joon, Mayor of Busan Metropolitan City, added, “Busan has great potential to become a regional hub for blockchain development. This has been reinforced through our partnership with DMCC, which will allow us to replicate the successes of their Crypto Centre and develop a strong crypto ecosystem in Busan. We look forward to working with them closely over the coming months.”

Dubai’s blockchain sector contributes over USD 500 million to the economy and is estimated to support more than 40,000 jobs by 2030 and add USD 4 billion to Dubai’s economy.