100K USD prized Web3 Hackathon in Dubai UAE with Bybit crypto exchange and DMCC

100K USD prized Web3 Hackathon in Dubai UAE with Bybit crypto exchange and DMCC

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.

UAE based Aurus selected among top 25 companies for DMCC TDeFi accelerator program

UAE based Aurus selected among top 25 companies for DMCC TDeFi accelerator program

Out of over 100 plus applications, UAE based Aurus, which tokenizes precious metals including gold, silver and platinum using blockchain technology, has been selected as one of the 25 companies that will be joining Dubai’s DMCC ( Dubai Multi Commodities Centre) and TDeFi accelerator program.

The accelerator program is aimed towards Web3 and Blockchain companies based out of Dubai offering mentorship, support, and business scaling opportunities.  The acceleration program kicks off on September 5th, 2023, with a range of mentor sessions covering legal and compliance, web3 marketing, fundraising, and token economics. Participants are able to gain practical experience by using their own projects as case studies during workshops on token economics and token markets management. The program culminates in a Demo and Pitch Day, with 20+ venture capitalists and investors serving as judges, representing over $IBn in cumulative AUM.

The program’s conclusion is more than just a pitching session. It’s a doorway to connect with an expansive network of Funds, VCs, and Partners. It’s the day where projects can truly shine and kickstart their fundraising sprint.

Aurus was selected as one of the 25 companies because of its unique selling points that includes solutions to make it easy to buy, trade, and store precious metals (gold, silver and platinum), grams at a time, 24/7, at minimal fees, at the convenience of your mobile phone.

In addition, Aurus is at the forefront of tokenization of real-world assets, pioneering use cases for precious metals that were previously unfathomable. Bridging the gap, and addressing various use cases in several new untapped markets such as Payments, DeFi, gaming, NFTs, and Web3.

Aurus adheres the strictest standards and is one of few projects truly compliant within the current regulatory framework. Operations are conducted by the Aurus Foundation in the UK where we received the regulatory nod in 2020, and Aurus Markets DMCC in the UAE, which is licenced by the DMCC.

Aurus is also gearing towards the launch of several products, such as the first NFT collection backed by precious metals which will be launched on February 2024. Aurus is also entering the DeFi world with gold. Precious metals as a financial primitive (collateral) in DeFi protocols. That is, PMs as a productive yield-bearing asset with the ability to earn a yield by providing liquidity in DeFi.

Aurus is also utilizing gold in gaming with the ability to create sustainable real-asset-backed in-game economies by bringing precious metal-backed tokens and NFTs to online games, as well as gold as a payment: a network of stable value transfer in the global payments market. The Aurus Vault Card V2 is soon to launch, enabling users to spend precious metals via the Mastercard network.

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.

Bybit officially receives MVP preparatory license from Dubai’s virtual asset regulator

Bybit officially receives MVP preparatory license from Dubai’s virtual asset regulator

After receiving is preliminary approval for a license, Bybit has jumped to the next stage with a minimum viable product preparatory license from Dubai’s virtual asset regulatory authority ( VARA).

VARA placed ByBit on its public registery.

This comes after global crypto exchange ByBit 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.

Again Bybit also supported crypto and blockchain ecosystem in the UAE with the University of Sharjah. Bybit contributed $272.000 equivalent to 1 million AED to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah.

In March 2023 Bybit was one of the global crypto exchanges to have received preliminary approval from VARA.

Crypto.com is close to receiving its operational license just as BitOasis did. Binance is still in the preparatory license phase. 

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.”

UAE DMCC awards AI Blockchain EatCloud start-up Impact scale up program winner prize

UAE DMCC awards AI Blockchain EatCloud start-up Impact scale up program winner prize

UAE’s DMCC, freezone has awarded blockchain AI Columbian startup EatCloud with the Impact scale program award. EatCloud is one of three startups to win cash prizes of $49,000 for ‘DMCC Impact Scale-Up Program Powered by C3’.

The six-month program supports the growth of impact-driven businesses that align with the UN Sustainable Development Goals, and it represents a part of DMCC’s ESG strategy. As the UAE prepares to host COP28 and lead the conversation that drives the global sustainability agenda, the program comes to an end. Fifteen impact-driven SMEs addressing some of the world’s most pressing sustainability challenges pitched their companies to a panel of business experts from PwC, Global Ventures, Astrolabs, and Brunswick in a pitch day that marked the end of the program.

 

The winners of the program are Grocedy, a Nigerian FoodTech platform that aggregates micropayments from low and middle-income earners towards a monthly food subscription and other micro financial services, EatCloud, a Colombian start-up that uses AI and blockchain technology to redistribute surplus food worldwide, reducing waste and supporting food banks globally, and Chefaa, an Egyptian GPS-enabled pharmacy benefits platform that allows patients to order, schedule and refill recurring prescriptions as well as all pharmacy needs. 

Feryal Ahmadi, Chief Operating Officer, DMCC, said, “As DMCC continues to place Dubai at the heart of global trade, it is essential that we also use our platform to have a positive impact on society. This is a momentous year for the UAE where sustainability is center-stage, and it is also integral to DMCC’s strategy. With 15 companies tackling some of the most pressing environmental and social issues we face today, the first edition of the DMCC Impact Scale-Up Program marks a great success in working towards this goal. Congratulations to all the participants in the program – we are excited to see your successes and your positive impact in the coming years.” 

Khalid Kalbat, Director of Small and Medium Enterprises Development Department at the Ministry of Economy of UAE, added, “This program is a testament to the UAE’s commitment to social and environmental impact and to promoting entrepreneurship in the region. I commend DMCC and C3 for their efforts in enabling participating businesses to establish a presence in the UAE and leverage our local ecosystem as a launchpad to successfully expand across the MEA region.”

 All SMEs participating in the program became part of DMCC’s fast-growing community of over 22,000 member companies, receiving a bespoke 70% discount on license fees and flexi-desk space for two years. Further discounts on license renewals will also be offered for the following three years.

This comes as DMCC signed on two major blockchain partnerships this week. 

UAE’s DMCC signs two major partnerships in Blockchain, Metaverse and DeFi

UAE’s DMCC signs two major partnerships in Blockchain, Metaverse and DeFi

In less than a week apart Dubai’s DMCC has signed two major partnership agreements, the first with South Korean entities KBIPA and Seongnam City who are in the blockchain and metaverse industries, and secondly with nya Labs. Founded by a team of Stanford faculty and alumni, Enya Labs is a leading developer of decentralised infrastructure solutions, and is a core contributor to Boba Network.

With regards to the first partnerships DMCC signed MoUs with the Korea Blockchain Industry Promotion Association (KBIPA) and Seongnam City during DMCC’s Made for Trade Live roadshows in South Korea. Both MoUs seek to advance the development and application of Web3 technologies globally, including through affording growth opportunities to South Korean Web3 companies by supporting them in setting up at the DMCC Crypto Centre, and its new Gaming Centre.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “DMCC is committed to supporting high-growth sectors such as the Web3 space, and we believe that South Korean businesses will benefit greatly from setting up and scaling their operations in Dubai. The signing of these MoUs with KBIPA and Seongnam City comes at a perfect time, as we continue to accelerate our strategy of supporting businesses in these sectors. We are proud to contribute to the strong and resilient economic relations between the UAE and South Korea, which reflect the warm and friendly ties that our countries have always shared.”

Hyeong-Joo Kim, Chairman, KBIPA, said: “The United Arab Emirates represents one of the strongest economies in the MENA region, and Dubai in particular has risen as a global hub for Web3 technologies. Therefore, our partnership with DMCC comes at a strategic time to discuss business opportunities for the South Korean companies operating in the blockchain space. DMCC would certainly provide these companies with an enabling ecosystem that allows them to thrive.”

A spokesperson for Seongnam City said: “Partnering with DMCC will offer a fantastic opportunity to the many South Korean businesses operating in the area of metaverse technologies. By fostering a tighter partnership between our two countries, we are sure to enhance the global Web3 landscape for the mutual benefit of Seongnam City and Dubai.”

As for the second partnership, Boba Network is a global platform that allows blockchain and web3 businesses to build next-generation decentralized apps (dApps) with reduced transaction and computation fees and increased throughput. The platform provides an expanded set of capabilities for smart contracts on a range of blockchain networks including Ethereum, Moonbeam and Avalanche. Boba Network also offers Hybrid Compute technology, which allows developers to build dApps that can utilise ‘off-chain’ data from any web2-based system.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “The ability of the DMCC Crypto Centre to attract such high-profile and impactful players in the web3 space is a true testament to the thriving ecosystem that we have created. By bringing Boba Network into the fold, in partnership with Enya Labs, we are providing a new suite of resources for members to scale up their web3 businesses in Dubai and beyond.”

Web3 Blockchain crypto accelerator and incubator launched in UAE’s DMCC

Web3 Blockchain crypto accelerator and incubator launched in UAE’s DMCC

UAE DMCC, currently home to 550 Blockchain and crypto entities, and global Web3 incubator TDEFi have partnered 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.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Supporting Web3 and blockchain businesses is a key priority for DMCC as we build on the success that the Crypto Centre has seen since its launch. By providing everything crypto businesses and entrepreneurs need to thrive, we have emphatically positioned Dubai as a leading hub for crypto. This latest partnership with TDeFi adds yet another string to our bow and will help emerging crypto businesses bring their ideas to light in Dubai.”

Gaurav Dubey, CEO, TDeFi, added: “Our extensive program comprises various modules that will support entrepreneurs and businesses operating within the crypto space, from ideation to scaling their start-ups. Through its Crypto Centre, DMCC has established a leading ecosystem of Web3 and blockchain businesses, and so there is no better place for us to operate our latest accelerator program. Through this new partnership, we are looking forward to unlocking some truly game-changing projects in the Web3 space.”

UAE Blockchain gaming studio secures $5 million to develop its GameFi solutions

UAE Blockchain gaming studio secures $5 million to develop its GameFi solutions

UAE based Blockchain gaming entity, iBLOXX,Studio has secured a $5 million investment in a recent funding round led by PrimeXM. The capital will be utilized to expand the company’s GameFi division. The investment brings the gaming division’s post-money valuation to 30 million USD.

The funds will be primarily used to develop iBLOXX Studios, the group´s Web3 gaming arm. iBLOXX Studios is focused on building blockchain games using Unreal Engine and Unity, developing GameFi economy health- and monitoring solutions, as well as creating trading-related blockchain applications. With this funding, iBLOXX Studios will be able to accelerate the development of its gaming offerings and expand its reach in the blockchain gaming market.

“PrimeXM, who is amongst the world’s leading providers for foreign exchange and cryptocurrency trading solutions, caters to some of the industry’s largest players, such as Saxo Bank, IG, Equity.com, SwissQuote or OKCoin. Their decision to invest in iBLOXX is a testament to their unwavering confidence in our company’s potential for growth.” said Domenik Maier, CEO of iBLOXX.

iBLOXX recceived its license from Dubai DMCC in December 2021. 

Web3 technologies in gaming represents one of the fastest-growing segments of the nearly $200 billion global gaming industry. Currently standing at $1.8 billion, revenues generated by the gaming industry in the MENA region are expected to reach $5 billion by 2025.