Dubai commodities trade authority announces the launch of the Crypto Valley

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys playing cricket,… read more.
on Jan 24, 2020
Updated: Mar 11, 2020
  • Dubai-based DMCC is planning to create a Crypto Valley in Dubai, and create an entire ecosystem for it.
  • To do this, it signed an agreement with CV VC and CV Labs, which will help with the project's development.
  • DMCC plans to use the Cryptoaa Valley to enhance the entire city's dynamic business environment, but also support a wider strategy of the UAE government and attract further innovation.

Dubai Authority on commodities trade and enterprise, the DMCC, has just announced plans to launch Crypto Valley. According to what is known, the Crypto Valley is imagined to become the largest ecosystem in the world for cryptographic and blockchain technology. It will be located in Dubai, UAE, and DMCC plans to launch it in collaboration with its partners — CV VC and CV Labs.

The DMCC Crypto Valey is supposedly designed to foster collaboration, growth, and integrity throughout the blockchain economy. It will also offer a number of different services, such as incubation for new blockchain companies. Apart from that, it will feature innovation services for its institutional clients, co-working facilities, training, events, funding, mentoring, and more.

The Crypto Valley project and its goals

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DMCC and its new partners, CV VC and CV Labs, signed the agreement for collaborating on the project in Davos, at the World Economic Forum. According to the agreement, the ecosystem will be created in DMCC’s business district, Jumeirah Lakes Towers. The district is already a well-known location for businesses, as it has over 17,000 registered firms.

DMCC’s CEO and executive chairman, Ahmed Bin Sulayem, commented on the move by stating that DMCC is excited and glad to sign the agreement and launch the Crypto Valley. He also noted that DMCC is at the crossroads of the world, and as such, it is a dynamic business hub that is driving global trade through Dubai. and this will only be enhanced thanks to the Crypto Valley.

The agreement signed with CV Labs and CV VC obligates parties to collaborate and work on the creation of the DMCC Blockchain Strategy, which will be aligned with the Emirates Blockchain Strategy 2021, as well as Dubai Blockchain Strategy.

CV VC and CV Labs’ founder, Ralf Glabschnig, stated that he is thrilled to enter the MENA region and partner up with DMCC. He expects that the competence of the companies from Crypto Valley will help support these plans and goals, as ambitious as they are.

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