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Dubai to create crypto valley for blockchain growth

Dubai to create crypto valley for blockchain growth

Dubai’s Multi Commodities Centre (DMCC) has announced the plan of a crypto valley in Dubai at the recently-conducted World Economic Forum (WEF) 2020 at Davos earlier this month with an explicit focus on the development of blockchain in the region, according to the official announcement made on 24th January 2020.

The unique concept of a crypto valley gathered pace when the government of Switzerland established a Crypto Valley Association for the overall development of the blockchain and cryptocurrency ecosystem. Since then, many countries have got onboard the consortium to leverage the real power of blockchain technology and deliver customer-centric products for the growth of the crypto community.

Earlier this month, the tourist-friendly South East Asian country Phillippines took a step further by announcing the launch of an airport, specially dedicated to the crypto valley travelers. The latest to join the bandwagon is Dubai.

UAE’s very own crypto valley coming soon

Announced at the WEF, that brought together some of the most influential personalities and world leaders to resolve some of the world’s critical challenges, the DMCC announced its collaboration with blockchain VC firms CV VC and CV Labs to launch the highly anticipated project. It would be the world’s most comprehensive and dedicated platform for the growth of blockchain, cryptography, and other nascent technologies.

The proposed crypto valley will be built for nurturing growth and networking across all blockchain enterprises and offer a myriad of services and support to blockchain and crypto-related startups in the region, including training, sponsoring, guidance and infrastructure.

Per the contract signed, DMCC will work closely with CV VC and its entity CV Labs to build an ecosphere Jumeirah Lakes Towers (JLT), an already buzzing hub with over seventeen thousand companies.

Ahmed Bin Sulayem, the DMCC CEO, excitedly remarked that the association is thrilled to be a part of Dubai’s bustling official district. The soon-to-be-launched crypto valley will further diversify the business climate and support a broader scope of services to back the government of UAE’s efforts in attracting investors, entrepreneurs, and individuals to participate and contribute towards its growth, Sulayem confirmed.

Featured Image by Pixabay

Manasee Joshi

Manasee Joshi

An avid reader and an enthusiastic writer, Manasee recently chose to dedicate her time doing freelance writing. A degree in English literature and experiences in Administration, HR, finance, literature, creativity and innovation tucked under her belt, she crafts engaging and compelling content for crypto and blockchain audience.

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