Bybit Offers AED 500K To Web3 Startups To Work at DMCC Crypto Center

The Dubai Multi Commodities Centre (DMCC) cooperated with Bybit cryptocurrency exchange to support blockchain firms and Web3 startups, which are interested in doing business in the UAE.

DMCC and Bybit inked a memorandum of understanding (MoU) to support the growth of the crypto community in the region. According to the MoU, Bybit will be an official ecosystem partner for the DMCC Crypto Centre, the largest concentration of crypto and Web3 businesses in the MENA region, a press release issued by Bybit said.

According to the deal, the crypto exchange will offer financial support worth AED 500,000 ($136,129) to 15 startups, qualified to work in the Web3 domain at the DMCC Crypto Center after passing standard compliance and due diligence checks required by DMCC. Bybit will also serve as DMCC’s crypto listing partner and help in other blockchain-related projects.

Bybit will also contribute to launching educational initiatives for the center through educational content, curated courses, webinars, and awareness campaigns to enrich the center’s knowledge and bolster its capacity building in the digital economy.

In this regard, Executive Chairman and Chief Executive of DMCC Ahmed Bin Sulayem said the DMCC Crypto Centre and its affiliated crypto firms are contributing to positioning Dubai as a global hub for crypto and Web3, pointing out that the partnership with Bybit will give a push for the acceleration of the impact that Dubai’s game-changing crypto and Web3 businesses are having on the industry.

Meanwhile, Co-founder and CEO of Bybit Ben Zhou: “We are committed to enriching the Web3 ecosystem on our journey to become the world’s ‘Crypto Ark’ and want to do our part in advancing innovation and competition in the digital economy. We look forward to bringing our own brand of next-level opportunities to the UAE’s burgeoning crypto community.”