The Dubai Multi Commodities Center (DMCC) has announced a partnership with CV VC and CV Labs to launch Crypto Valley, which will be the world’s largest ecosystem of crypto and blockchain technologies.

Crypto Valley is designed to promote growth, collaboration, and integrity throughout the global economy.

DMCC introduced the “Crypto Valley” initiative to be as a variety of services including incubation for early-stage startups, co-working facilities, innovation services for corporate clients, blockchain and entrepreneurship training, education, events, mentoring and financing.

The agreement was signed on the sidelines of the World Economic Forum in Davos, where the agreement works to operate the DMCC along with CV VC, and its CV sub-labs to develop an ecosystem in “Jumeirah Lakes Towers” ​​which is the business district of DMCC. There are more than 17,000 companies currently registered.

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According to the statement that some of it came as follows:

Located at the crossroads of the world, DMCC is a dynamic business hub that drives global trade through Dubai.

The launch of Crypto Valley in the DMCC will enhance the city’s vibrant business environment, and support the UAE government’s broader strategy to attract innovators, entrepreneurs and pioneers who will shape the economy of the future.

The agreement obligates both parties to cooperate and develop the DMCC Blockchain Strategy in line with the UAE Blockchain Plan 2021.

Mr. Ralph Gleibichnig, founder of CV VC and CV Labs stated:

We are pleased to relocate to the MENA region with DMCC as a strong local partner.

In our opinion, the efficiency of Crypto Valley-based companies will support the ambitious goals and strategies of using blockchain in Dubai and beyond!

The MENA region can help build more successful projects and start-ups and promote settlement of new blockchain-focused businesses in the UAE

He added:

We are looking forward to bringing our partners to the Crypto Valley in Dubai, such as CoreLedger, inacta, Lykke and Tezos that are already active in the MENA region.

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Research conducted in the DMCC’s Future of Trade Report finds that blockchain can help reduce up to 20 percent of the physical paper costs associated with global trade, which are currently estimated at $1.8 trillion.

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