DMCC, Dubai’s free economic zone yesterday announced its partnership with Switzerland’s CV VC and CV Labs to launch Crypto Valley, projected to be the world’s largest ecosystem for blockchain, cryptographic and distributed ledger technologies. The idea behind Crypto Valley is to bring growth, collaboration and integrity across the global blockchain economy
The agreement was signed on the occasion of the World Economic Forum in Davos on 24th January. The Crypto Valley aims to provide services like incubation for early-stage startups, coworking facilities, innovation, blockchain and entrepreneurial training, education, events and funding.
Moreover, according to the DMCC future of Trade report, blockchain can help reduce up to 20 percent of physical paper costs associated with global trade, which currently estimated at $1.8 trillion.
In lines with a statement, the ecosystem is projected to be developed in Jumeirah Lakes Towers, DMCC’s business district encompassing over 17,000 registered companies. Both parties are deemed to collaborate and develop a DMCC Blockchain Strategy aligned with the UAE Blockchain Strategy 2021.
“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,” said the statement
“We are thrilled to move into the MENA region with DMCC as a very strong local partner. In our opinion the competence from Crypto Valley based companies will support the ambitious goals and strategy to use blockchain in Dubai and beyond! On the other side the capital from the MENA region could help to build even more successful projects and startups and foster the settlement of new blockchain focused companies in the UAE,” said Ralf Glabischnig, founder of CV VC and CV Labs.
“We are looking forward to bringing our strong partner from Crypto Valley to Dubai, like CoreLedger, inacta, Lykke, and Tezos which are already active in the MENA region,” Glabischnig added