At Davos, CV VC, DMCC Launch Crypto Valley Labs In Dubai For Blockchain Ecosystem

Crypto Valley Dubai
(Last Updated On: January 24, 2020)

World’s largest ecosystem for cryptographic, and distributed ledger technologies, based in Switzerland, to launch in Dubai. Agreement underscores DMCC’s support of UAE Government strategy and development of the future economy. DMCC signs partnership with Switzerland-based investment company CV VC on the sidelines of the World Economic Forum in Davos

Dubai, UAE – Davos, Switzerland – DMCC (press release) – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – announced its strategic partnership with CV VC and CV Labs, to launch Crypto Valley – the world’s largest ecosystem for cryptographic, and distributed ledger technologies – in Dubai, the United Arab Emirates (UAE).

Designed to foster growth, collaboration and integrity across the global economy, the ‘DMCC Crypto Valley’ will offer a variety of services including incubation for early-stage startups, co-working facilities, innovation services for corporate clients, and entrepreneurship training, education, events, mentoring and funding.

Signed on the sidelines of the World Economic Forum in Davos, the agreement sees DMCC work alongside both CV VC, and its subsidiary CV Labs, to develop an ecosystem in Jumeirah Lakes Towers (JLT) where over 17,000 companies are currently registered.

“We are delighted to sign this agreement with CV VC, and launch the Crypto Valley in Dubai, at the very heart of Dubai’s leading business district,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

“Sat at the crossroads of the world, DMCC is a dynamic business hub that drives global trade through Dubai. We are committed to harnessing modern technology to serve the companies registered with us and support their growth into new markets. 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,” he added.

The agreement commits both parties to collaborate and develop a comprehensive DMCC Strategy that is aligned with the Emirates Strategy 2021, and supports the Dubai Strategy launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

“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 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 focused companies in the UAE,” added 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.”

Research from DMCC’s Future of Trade report found that could help reduce up to 20 per cent of the actual physical paper costs associated with global trade, currently estimated at AED 6.6 trillion (USD 1.8 trillion). DMCC is a member of the Global Council, established in October 2019 to explore, discuss current and future applications, and organise transactions through the platform.

For further information on the project, and joining DMCC, please contact James Bernard, Head of Corporate Sales, DMCC, and founding member of the Innovation Group and Global Council on: [email protected].

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