DMCC welcomes crypto-giant Bybit

Bybit, the world's third most visited crypto exchange, has announced a strategic partnership with the leading global business district, the Dubai Multi Commodities Centre (DMCC) to accelerate the mass adoption of crypto in Dubai and deliver on its promise of investing in the Web3 ecosystem in the emirate. The collaboration will see Bybit become an official Ecosystem Partner for the DMCC Crypto Centre, the largest concentration of crypto and Web3 businesses in the MENA region.

Bybit and DMCC signed a Memorandum of Understanding (MOU) to support the growth of the crypto community in the region. The agreement follows the unveiling of Bybit's global headquarters in Dubai on April 17 when it alluded to further localization efforts in the region.

The MOU includes Bybit's pledge of financial support in the amount of AED 500,000 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.

As DMCC looks to further enhance the support available to members of the crypto centre, 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, centralised exchanges and their impact in shaping the Web3 industry.

Ahmed Bin Sulayem, executive chairman and chief executive of DMCC, said: “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, said: “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’.”

The DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain projects, and associated value-added services, providing everything that crypto businesses and entrepreneurs need to set up an scale their operations. The DMCC Crypto Centre is home to over 550 businesses operating in the Web3 and blockchain space.