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Dubai Blockchain News

The Dubai Multi Commodities Centre (DMCC), a free economic zone in the United Arab Emirates, has partnered with the Solana Foundation.



Solana will offer technical and business development assistance to all DMCC Crypto Centre members using its blockchain platform. Additionally, Solana will provide webinars and educational courses on various Web3 topics and extend its operational grant program at DMCC.



In exchange, Solana&#8217;s existing partners will receive preferential treatment at DMCC.



In this regard, DMCC CEO Ahmed Bin Sulayem said: &#8220;We will provide complimentary setup and business licensing for Solana ecosystem projects while our members can access a world-class blockchain platform and dedicated Solana engineering teams that can take their businesses to new heights.&#8221;



DMCC&#8217;s ecosystem partners include various entities, such as the crypto exchange Bybit, digital asset market maker DWF Labs, Web3 incubator TDeFi, venture capital fund Brinc, and others. The DMCC has a member count of 23,000 companies.



DMCC is one of three economic free zones in the UAE, along with Abu Dhabi Global Market and Dubai Silicon Oasis Authority, established to improve the region&#8217;s investment climate.



The Ras Al Khaimah Digital Assets Oasis, revealed during Blockchain Life 2023, will soon join this trio. As of September 2023, the Solana network had secured the 10th position globally in terms of the total value locked, holding an equivalent of approximately $359 million.



Earlier in June, Exarta, an AI solutions provider and one of the top 32 metaverse companies in the world announced it had opened a new office at the DMCC Crypto Centre in Dubai.



The new office will serve as a regional hub for EXARTA&#8217;s operations in the Middle East in light of its plan to support the increasing demand for Web3 and AI solutions.

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Solana Became Partner of DMCC Ecosystem

Dubai is expected to host the eighth edition of the Blockchain Economy Summit, the largest blockchain conference network in the world, from October 2 to 5.



The summit will be held at the Le Meridien Dubai Hotel &amp; Conference Center in Dubai with the participation of <a href="https://upyo.com/en/news/blockchain" target="_blank" rel="noreferrer noopener">blockchain</a> pioneers, top crypto firms, and AI innovators around the world.



The event will tackle the latest developments and trends within the blockchain, cryptocurrency, and AI space, featuring industry leaders, engaging panel discussions, and opportunities for growth and investment.



Leading cryptocurrency exchange OKX will be the Exclusive Title sponsor for all of Blockchain Economy Summit&#8217;s events this year.



In this regard, General Manager of the Blockchain Economy Summit Servi Aman expressed his excitement about holding the summit this year in a city that embraces blockchain technology, hailing the emirate&#8217;s commitment to creating a friendly environment for thriving the crypto industry.



Influential speakers will deliver speeches through which they would share their expertise and visions related to the industry.



The UAE, with its crypto-friendly regulations, is gearing up to become a global crypto hub, specifically Dubai. It also embraces AI technologies to boost efficiency and implementation across public services. The <a href="https://upyo.com/en/news/tags/dubai-blockchain">Blockchain Economy in Dubai</a> will be the Main gathering in the region on behalf of the world of blockchain, cryptocurrency, and AI technologies, with a wide range of topics focused on the revolutionary technologies of the future, extensive networking opportunities, and participation from more than 85 countries.



It is worth noting that Crypto ownership in the UAE is remarkably growing as 27.67% of its residents own crypto assets, according to data aggregated from the crypto platform TripleA.



This percentage puts the UAE in first place globally in terms of the percentage of people who are owning crypto assets. TripleA reported that the Arab Gulf country has more than 2.6 million holders of cryptocurrencies,

Blockchain Economy Summit

Dubai Hosts 8th Edition of Blockchain Economy Summit in October

Abu Dhabi-based blockchain firm Venom Foundation partnered with Iceberg Capital Limited to launch a $1 billion venture fund for Web3 and blockchain companies.



The Venom Ventures Fund (VVF) aims to pump investments in protocols decentralized apps (Dapps) of Web3, which focus on GameFi products and services, DeFi, payments, asset management, and banking services to be a pioneering supporter for coming entrepreneurs and digital technologies.



In VVF, Iceberg, which is an Abu Dhabi Global Market (ADGM) regulated investment manager, will use its resources to offer incubation programs and provide projects with marketing, regulatory, legal, technical, and exchange listing support, <a href="https://cointelegraph.com/news/abu-dhabi-based-venom-foundation-launches-1b-fund-for-web3-and-blockchain" target="_blank" rel="noreferrer noopener">according to Coin Telegraph</a>.



VVF&#8217;s team is experienced with enhancing Web3 and traditional funds and offering growth capital for startups and scaleups. Its leadership includes Chairman of Venom Ventures and former global CIO for fixed income at Barclays Global Investors Peter Knez and Mustafa Kheriba, a board member for multiple family offices and long-term investment professional in the Middle East and North African regions, <a href="https://techcrunch.com/2023/01/11/venom-foundation-and-iceberg-capital-launch-1b-venture-fund-to-invest-in-web3/?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAGgOXanZc5NiQfX1V2aeCMfBA5oSU3CLcJJtrvS6P5jiU-I6PpdG_UvKHfuUqLbQHUzVMVBPl8CYh2JxwrFXQDkYSkvH2zHPIm5M90cZqQAMKSwRM2TD1eFURFG7utnxNVAIgppjuV4MEmYeiKSIO-EcHWIEL8cPF9s6txIC6MbJ" target="_blank" rel="noreferrer noopener">Tech Crunch reported</a>.



Managed by Iceberg, the fund will invest in companies and projects from pre-seed to Series A rounds to speed up the adoption of Web3, blockchain and DeFi.



In this regard, Knez said that the fund is ready for allocating strategic investments for the most innovative Web3 start-ups, adding VVF would not be limited to Abu Dhabi firms only, but it will support projects and companies around the globe.



Meanwhile, Kheriba, who doubles as the executive chairman of Iceberg Capital, noted that the cooperation with Venom Foundation will give access to provide marketing, financial and technical support to the most prominent projects and teams in the Web3 world to bring their visions to life.



Indeed, the fund made its first investment, leading Nümi Metaverse’s $20 million funding round. Nümi Metaverse is a universal platform for creators, innovators, and followers. It will debut its ‘Visual Novel’ this year, a mini-game experience with a range of special rewards for players.

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Venom Foundation, Iceberg Team Up to Launch $1 Bln Fund for Web3 Projects

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