DMCC Crypto Center and QX Lab to launch AI Center

DMCC Crypto Center and QX Lab to launch AI Center

UAE based DMCC ( Dubai Multi Commodities Center) has partnered with the Dubai-based artificial intelligence firm Qx Lab AI as it gears up to launch the DMCC AI Center later this year.

Through its ‘Ask Qx’ platform, Qx Lab AI offers generative AI capabilities that can be integrated into services such as online chat functions or used by businesses and individuals to enhance productivity.

Ask QX’s unique neural architecture offers unprecedented scalability for the product, providing a digital infrastructure that can benefit firms by reducing overall computational power costs, building up platform security, and creating a protective shield against potential data breaches.

With this groundbreaking technology, QX Lab AI aims to become the first AGI company in the world to access and leverage 372 billion parameters.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC said: “In a short space of time AI has emerged as the single biggest force reshaping the way we do business – and we have barely scratched the surface of its potential. As we prepare for the imminent launch of DMCC’s AI Center, I am delighted to be partnering with Qx Lab AI whose unique generative AI platform and revolutionary neural architecture will provide DMCC and its members with unprecedented opportunities to enhance efficiency, productivity, and platform security at scale. This is just one example of the innovations we are pioneering from DMCC, reinforcing Dubai’s status as one of the world’s leading technology and AI hubs for years to come.”

Tilakraj Parmar, Co-Founder and CEO, QX Lab AI, added: “The significant amount of money invested globally in AI research and deployment is just the start of a seismic shift in the way we all operate – both professionally and personally. We are glad to bring our AI capabilities to DMCC and its 24,000 member companies as we position Dubai at the forefront of AI research and deployment.”

Today the DMCC Crypto Centre is home to over 600 Web3 firms, making it the largest concentration of crypto and blockchain companies in the region. Since its launch in 2023, the DMCC Gaming Centre has welcomed over 100 gaming companies, from developers and publishers to esports teams and software engineers, positioning Dubai as a hub for the immersive form of entertainment.

In 2023 DMCC Crypto Center had announced it had 500 crypto and blockchain companies in the center. Since then DMCC crypto center has signed partnership agreements with Solana and others.

Solana sets up in UAE and offers grant programs to members of DMCC crypto center

Solana sets up in UAE and offers grant programs to members of DMCC crypto center

Solana Foundation, the non profit organization dedicated to Solana Blockchain adoption and security has partnered with UAE based DMCC free zone and Government of Dubai Authority on commodities trade and enterprise, crypto center. Solana will offer technical and business development suport and their existing grant program.

The partnership compliments DMCC’s existing offerings and collaborations by increasing its members’ ability to develop their concepts and scale their businesses using Solana, one of the industry’s leading blockchain platforms.

Lastly, the Solana Foundation will join the DMCC Crypto Centre in delivering webinars and other educational courses on a range of important Web3 topics.

As part of this collaboration, Solana will set up a presence at the DMCC Crypto Centre to integrate with the ecosystem and collaborate with its thriving network of technology partners, exchanges, government entities, investors, incubators and accelerators, and service providers, as well as engage with the wider community of 23,000 companies operating in DMCC’s business district.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Solana is one of the most prominent blockchains in the world, boasting a market capitalisation of USD 8 billion, placing it in the top 10 largest crypto projects globally. Through this landmark signing, we will provide complimentary set up and business licensing for Solana ecosystem projects whilst our members can access a world-class blockchain platform and dedicated Solana engineering teams that can take their businesses to new heights. Providing this type of supportive environment is our core philosophy for the DMCC Crypto Centre. It is through this strategy that we have developed one of the most dynamic and value-creating ecosystems for Web3 firms, offering the largest concentration of crypto, blockchain and Web3 businesses across the MENA region – and a central driver behind Dubai’s rise into the biggest global Web3 innovation hub.”

Dan Albert, Executive Director, Solana Foundation, added: “With its high density of crypto companies and pro-growth attitude, providing support to the DMCC was a natural fit as we look to tap into the abundant Web3 value in Dubai. We look forward to working with members of the Crypto Centre to onboard them to our chain, as well as introducing our existing ecosystem to DMCC so they can also scale their operations.”

The DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain technologies, and associated value-added services, providing everything that crypto businesses and entrepreneurs need to set up and scale their operations.

UAE DMCC Crypto Center and TDEFI incubator offers $100 K to select startups with the launch of second cohort

UAE DMCC Crypto Center and TDEFI incubator offers $100 K to select startups with the launch of second cohort

UAE DMCC crypto center TDeFi , a global Web3 incubator and consultancy company,  have entered the final phase of registrations for the second cohort of a Web3 startup incubator at the DMCC Crypto Centre. Last day for applications is September 1st 2023. TDEFI will offer $100,000 for select startups with VC Funding. 

All applicants will receive priority guidance and services from DMCC to formally set up in the DMCC Crypto Centre, with a handful of successful businesses set to receive USD 100,000 in liquidity from TDeFi, subject to meeting the criteria. Applications close on 1st September 2023.

The five-week programme is focused on enhancing expertise including refining business strategies, ensuring Web3 compliance, and marketing. The accelerator will culminate in a VC-focused fundraising event, ultimately bringing a new wave of innovative Web3 businesses to Dubai.

Ahmad Hamza, Executive Director – Free Zone, DMCC, said, “Providing a platform for success is an intrinsic trait of DMCC, and the Web3 space is no different. Through our Crypto Centre we are proud to be bringing this exciting accelerator opportunity to a new wave of innovative Web3 businesses to Dubai, particularly as the emirate grows as a competitive knowledge-based economy. With the mentoring services and liquidity on offer through TDeFi, there has never been a better time to establish a crypto business in the emirate.”

Gaurav Dubey, CEO TDeFi, added,  “From ideation to developing business scaling strategies, our extensive accelerator programme is designed to prepare nascent Web3 businesses for VC funding rounds and operating efficiently in the real-world. We are excited to partner with DMCC for this second cohort, developing these startups into thriving businesses.”

The second cohort follows on from the successful first round in March, in which 15 Web3 businesses successfully graduated from the accelerator programme.

With an impressive lineup of over 20 mentorship sessions led by senior leaders from the Web3 industry, such as Coinbase Singapore, StepN, Footprint Analytics, Hacken, Enjin, and more, participants will gain insights spanning from compliance practices to the intricacies of Token Engineering and Markets Management. This comprehensive journey is poised to attract a fresh influx of Web3 enterprises to Dubai and guide nascent concepts toward thriving businesses under expert tutelage.

Global crypto exchange ByBit to support crypto businesses in Dubai’s DMCC

Global crypto exchange ByBit to support crypto businesses in Dubai’s DMCC

Global crypto exchange ByBit has partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit’s pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. To qualify for this opportunity, start-ups must successfully pass the standard compliance and due diligence checks required by DMCC.

Bybit will become the listing partner for the Crypto Centre, with the company providing dedicated support for crypto firms looking to list digital assets on one of the top global exchanges. Additionally, the partnership will bring Bybit Services to Crypto Centre members.

Bybit currently has its headquarters in Dubai UAE and boasts of 15 million users. Bybit will also participate in the DMCC Crypto Centre’s educational initiatives by delivering webinars and educational courses about the digital assets industry and emerging trends, centralized exchanges and their impact in shaping the Web3 industry. 

Ahmed Bin Sulayem, Executive Chairman and Chief Executive of DMCC, stated, “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, 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 accelerate the impact that Dubai’s game-changing crypto and Web3 businesses are having on the industry.”

 

Ben Zhou, Co-Founder and CEO of Bybit, added “Through the efforts of entities such as DMCC, Dubai has certainly become a global focal point for the crypto industry. The emirate is full of high-potential Web3 businesses, so we are proud to be working with DMCC to facilitate their success and continue the evolution of the crypto industry and global digital economy. By bringing our standard of transparency, listing and custodial expertise and services to Crypto Centre members, we can have a tangible impact on Dubai’s future as the crypto capital and deliver on our aim to be the world’s ‘Crypto Ark’.”

UAE’s DMCC crypto center partners with US enterprise Blockchain service provider Ankr

UAE’s DMCC crypto center partners with US enterprise Blockchain service provider Ankr

In a recent announcement, UAE’s DMCC (Dubai Multi Commodities Center), partnered with USA based ANKR, an enterprise blockchain infrastructure and services provider. As per the partnership, they will provide support for over 550 Web3 member businesses in DMCC crypto center through development of innovative products, infrastructure and advisory incubation.

 

Ankr’s solutions will be made available to businesses within the DMCC Crypto Center, empowering them with access to a wide variety of products and services, such as application-specific blockchain engineering, node infrastructure, Web3 gaming solutions, NFT marketplace solutions, staking, and decentralized finance products. These offerings will enable businesses to fast-track their development and go to market with every resource they need to thrive in emerging Web3 ecosystems.

 

“The partnership with the Dubai Multi Commodities Center is a testament to our commitment to drive the global proliferation of blockchain technology,” said Chandler Song, Ankr’s CEO. “Dubai is a critical hub for Web3 innovation, and by providing DMCC Crypto Center member businesses with industry-leading solutions, we can cultivate the next generation of Web3 businesses, applications, and experiences that have the capacity to take industry adoption to the next billion users.”

 

DMCC Executive Chairman and CEO, Ahmed Bin Sulayem, added, “By offering a comprehensive ecosystem that enables Web3 businesses to scale efficiently and with confidence, the DMCC Crypto Centre has become home to the highest concentration of crypto and Web3 firms in the MENA region. In expanding our platform through this key collaboration with Ankr, we are further enhancing our capabilities and the value we add to Web3 entrepreneurs and multinationals alike. We look forward to working with Ankr and activating their expertise and suite of services to continue to reinforce Dubai’s status as a global Web3 hub.”

Millions of dollars being poured in for crypto, blockchain, Web3 entities at UAE’s DMCC

Millions of dollars being poured in for crypto, blockchain, Web3 entities at UAE’s DMCC

Once again UAE’s DMCC, the free zone for commodities trading has partnered to offer Web3, Blockchain businesses with a $5 million growth platform. This is not the first partnership in this regards and it seems it won’t be the last. Millions of dollars are being poured in for crypto, blockchain and Web entities in DMCC. 

Digital Wave Finance Labs, a multi stage web3 investment firm will work with DMCC will establish the DWF Ventures Studio, which will support nascent web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations locally, regionally and globally.

The partnership was announced during the “Sunset Meet and Greet” event organized by DWF Labs on 24 February 2023 in Dubai.

The DWF Venture Studio will provide multiple benefits for early-stage startups based in DMCC, including consultancy services, increased connection to global venture capital, market making services on tier one and two exchanges, a range of workshops and direct capital investments and aim to invest in 50 startups operating in the web3 space, with multiple additional investments for best performing companies, and a USD 500,000 investment for the cohort’s most prominent business.

 Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, stated “Dubai’s leading position as a hub for web3 technologies is known the world over. The DMCC Crypto Centre has been a fundamental part of the emirate’s successful crypto journey, housing the largest concentration of web3 and blockchain businesses in the region. Partnering with one of the top names in the global industry further exemplifies the maturity of the crypto business community that we have built, as well as the significant commercial opportunities that Dubai presents.”

DWF Labs is part of the broader Digital Wave Finance (DWF) platform, which is one of the world’s largest high-frequency cryptocurrency trading entities. By trading volume, DWF is one of the top five trading entities that trade on the top 40 exchanges, trading over 2000 different types of the digital asset.

Andrei Grachev, Managing Partner, and DWF Labs, added: “DWF Labs’ core goal is to invest in and support innovative entrepreneurs within the web3 space. For this reason, partnering with DMCC and its Crypto Centre is the right step as we expand our footprint both in Dubai and globally. The ecosystem that DMCC has built offers a strong pool of crypto talent that we are looking forward to being part of, building upon, and ultimately further facilitating its success.”

Previously DMCC announced the launch of the DMCC gaming Center to support the gaming industry through a partnership with YaLLa Esports a leading esports organization in the UAE. Furthermore, members were offered the opportunity to join gaming specific acceleration and market entry programs through DMCC’s ecosystem partner, AstroLabs, a leading tech ecosystem builder in the MENA region.

DMCC also partnered the global VC firm Brinc to provide members with access to USD 150 million in funding through their accelerator programs ZK Advancer and The Sandbox Metaverse. Those programs will also be open to DMCC Gaming Centre members developing games on blockchain and web3 technologies. 

DMCC, also announced its partnership with global Web3 incubator TDEFi to launch an accelerator program for Web3 and Blockchain companies in DMCC crypto center. The accelerator program will offer mentorship and sessions on crypto and scaling businesses. The program will be over a month long and will run for a minimum of two editions over the next 12 months.

At the end of each cohort, TDeFi will also select a handful of start-ups to be part of its in-depth incubation program, providing them with access to additional TDeFi advisory services and its growing ecosystem.

The investment in Blockchain, Web3 and crypto is growing in the MENA region. According to LaraontheBlock MENA 2023 investor survey revealed that 50% of those surveyed stated they will be allocating more funds to blockchain and crypto projects and entities in 2023. 19% of those surveyed stated in 2022 they had invested more than 50% of allocated capital and funds into crypto and Blockchain projects.

As it looks now DMCC which already houses 36% of UAE’s blockchain and crypto entities might one day house blockchain and crypto unicorns!