DMCC, in an announcement made recently, have launched a strategic partnership with CV VC and CV Labs to lay the foundation for a crypto valley. It is a free zone of flagship and Government of Dubai authority specified for commodities trade and enterprise while CV VC and CV labs, located in Dubai is the world’s largest ecosystem for cryptographic, Blockchain and distributed ledger technologies-in Dubai, UAE.
The primary motive behind the formation of “DMCC Crypto Valley’ is to make it a hub for the growth of emerging technology, and a place for collaborations and integrity across the global blockchain economy. It would host facilities like gestation for early-stage startups,co-working spontaneity, innovation and smooth-sailing services for corporate clients.
The agreement was concluded in the World Economic Forum at Davos, DMCC and CV VC, and its subsidiary CV labs, volunteer to work together to create an ecosystem in Jumeirah Lake Towers (JLT), a breeding ground of over 17,000 companies, which is DMCC’s business district.
DMCC is delighted to sign this agreement with CV VC, and launch the Crypto Valley in Dubai, at the very heart of Dubai’s leading business district,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
“Sat at the crossroads of the world, DMCC is a dynamic business hub that drives global trade through Dubai. The launch of the Crypto Valley in DMCC will enhance the city’s dynamic business environment, and support the wider strategy of the UAE Government to attract the innovators, entrepreneurs and pioneers that will shape the future economy,” he added.
The agreements make both companies conspire and work to build the whole shebang, of the DMCC Blockchain strategy and form it bearing Emirates Blockchain Strategy 2021 in mind. Crown Prince of Dubai and Chairman of Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, was the man behind it.
Benefits of the DMCC-CV VC Tie-up
A DMCC report revealed that blockchain carries the potential to be cost-effective, and cut down the actual paper cost of global trade which is around Dh6.6 trillion (1.8 trillion) considerably. Established in October 2019, DMCC, a member of the Global Blockchain Council, to be far-reaching, confabulate current and future applications and provide Blockchain-enabled transactions.