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Friday, June 14, 2024

DMCC builds $5M growth platform for web3, blockchain


Dubai Multi Commodities Center (DMCC) has partnered with global digital asset market maker DWF Labs to provide a new $5 million growth platform for web3 and blockchain businesses at the DMCC Crypto Centre.

As a new ecosystem partner, DWF Labs will establish DWF Ventures Studio, which will support emerging web3 and blockchain businesses using the DMCC Crypto Hub and Dubai as a hub, from which they can leverage locally, regionally and globally Expand your business.

Building on the Crypto Center’s broad offering, DWF Venture Studio will offer multiple benefits to early-stage startups based in DMCC, including advisory services, enhanced connections with global venture capital, market-making services on primary and secondary exchanges, a range of Workshops and direct capital investment.

50 startups

DWF’s goal is to invest in 50 startups operating in the web3 space, with multiple additional investments for the top performers and $500,000 for the most prominent of this group.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said: “Dubai’s leading position as a web3 technology hub is world-renowned. The DMCC Cryptocurrency Center is an important part of the emirate’s successful cryptocurrency journey and is the largest web3 and blockchain hub in the region. Partnering with one of the biggest names in the global industry is further proof of the maturity of the cryptocurrency business community we have built, and the significant business opportunity that Dubai brings.”

DWF Labs is part of the broader Digital Wave Finance (DWF) platform, one of the world’s largest high-frequency cryptocurrency trading entities. DWF is one of the top five trading entities traded on the top 40 exchanges by trading volume, trading over 2,000 different types of digital assets.

expand footprint

Andrei Grachev, Managing Partner of DWF Labs, added: “The core objective of DWF Labs is to invest in and support innovative entrepreneurs in the web3 space. For this reason, partnering with DMCC and its Cryptocurrency Center is the right step as we expand our footprint in Dubai and globally. The ecosystem DMCC has built offers a strong pool of crypto talent, and we look forward to being a part of it and building on it to further its success.”

DMCC Crypto Center is a comprehensive ecosystem for companies developing web3 and blockchain technologies and related value-added services, providing crypto businesses and entrepreneurs with everything they need to build and scale their businesses. With more than 550 businesses operating in the web3 and blockchain space, the DMCC Crypto Center is the largest concentration of crypto companies in the region. — trade arab news agency


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