Dubai Multi Commodities Centre (DMCC), the Dubai
government authority on commodities trade and enterprise, has announced the
launch of its own Crypto Valley ecosystem in a partnership with CV VC and CV
Labs.
Under the agreement, announced at Davos earlier this
month, the entities will be launching what is claimed to be the world’s largest
ecosystem for cryptographic, blockchain, and distributed ledger technologies.
The DMCC Crypto Valley, which aims to foster growth,
collaboration and integrity across the global blockchain economy, is set to offer
a wide range of services that will include incubation for early-stage startups,
co-working facilities, innovation services for corporate clients, blockchain
and entrepreneurship training, education, events, mentoring and funding. By signing
the agreement, both parties will partner and develop a comprehensive DMCC blockchain
strategy that is aligned with the Emirates Blockchain Strategy 2021.
The location of the partnering companies, in Zug, would
be familiar to industry watchers given the location of the already-successful
Swiss crypto valley. There are currently more than 800 crypto firms based in
Switzerland and Liechtenstein. According to a recent study, also released at
Davos, nearly 100 more new businesses were established in the Valley in 2019.
Moreover, the employment trajectory also significantly went up in the sector
from 3,300 in 2018 to 4,400 by end of 2019. However, where on one hand there is
an increase, the entire crypto industry has witnessed a slow growth rate across
the industry, as reports suggest that the number of ‘startup casualties’ is on
the rise.
At the Blockchain Expo Europe event in
2018, Anthony Lauriola, COO of Block Gemini, noted the potential Dubai was
bringing to the space. “One of the main things that people are aware of is the
fact that the government in Dubai is seeking to be the first to have all of its
government-related operations on the blockchain – this is a mandate that they
seek to bring into fruition by 2020,” said Lauriola. “[The UAE] has really made
it known worldwide that they want to be the first country to be leveraging this
technology on a very major scale.”
While we may not quite be at that stage yet, expect this crypto valley launch to bring through some acceleration.
Interested in hearing leading global brands discuss subjects like this in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.
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