The DMCC – the flagship free trade zone in the world and the Dubai Government Authority in trade in commodities and business – have announced their strategic alliance with CV VC and CV Labs, to launch Crypto Valley – the world’s largest ecosystem for technologies crypto, blockchain and distributed accounting – in Dubai, United Arab Emirates (UAE).
“DMCC is delighted to sign this agreement with CV VC, and to launch the Crypto Valley in Dubai, at the core of the business district of Dubai,”said Ahmed Bin Sulayem, CEO and CEO of DMCC.
“Arranged at the crossroads of the world, the DMCC is a dynamic business hub that drives global trade across Dubai.
The launch of Crypto Valley in the DMCC will improve the city’s dynamic business environment and support the UAE Government’s broad strategy to attract innovators, entrepreneurs and pioneers who will model the economy of the future”, he added.
Crypto Valley – What is it for?
DMCC and its new partners, CV VC and CV Labs, signed the agreement for collaborating on the project in Davos, at the World Economic Forum.
According to the agreement, the ecosystem will be created in DMCC’s business district, Jumeirah Lakes Towers. The district is already a well-known location for businesses, as it has over 17,000 registered firms.
The DMCC Crypto Valley is supposedly designed to foster collaboration, growth, and integrity throughout the blockchain economy.
Crypto Valley – Innovation services
It will also offer a number of different services, such as incubation for new blockchain companies. Apart from that, it will feature innovation services for its institutional clients, co-working facilities, training, events, funding, mentoring, and more.
Dubai Blockchain Strategy
The agreement brings together both parties to collaborate and develop a DMCC Blockchain Strategy that aligns with the Emirates Blockchain Strategy 2021, and supports the Dubai Blockchain Strategy launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Prince of the Crown of Dubai and Chairman of the Dubai Executive Council.
The investigation of the DMCC Future of Trade report found that the blockchain could help reduce physical paper costs associated with global trade by up to 20 percent, currently estimated at US $ 1.8 trillion.