CV VC helping to establish crypto center in Dubai
11 January 2022 11:06
The Dubai Multi Commodities Centre (DMCC) in the United Arab Emirates (UAE) is one of the largest free trade zones in the world. Its focus has now turned towards establishing an ecosystem for crypto firms. To this end, a partnership was agreed with Crypto Valley Venture Capital (CV VC) from Zug and its subsidiary CV Labs during the World Economic Forum 2020 in Davos. Since then, the partners have opened the DMCC Crypto Centre in Almas Tower in Dubai, which offers a base to companies with a focus on crypto applications.
The initiative is attracting ever more firms to the DMCC, as an article published by “Gulf News” reveals. In 2021 alone, a total of 2,485 new companies were licensed in the DMCC free zone in Dubai, bringing the total number of members above the benchmark of 20,000 firms in the process. In a press release, the DMCC calls 2021 its most successful year to date.
“This year, I have seen first-hand how crypto interlinks across our industries, so I am proud that DMCC is championing the cryptographic space in Dubai”, comments Ahmed Bin Sulayem, Executive Chairman and CEO of the DMCC, in the “Gulf News” article.
CV Labs offers Dubai-based crypto firms various funding programs. For example, start-ups are supported in their efforts to grow their presence in the UAE, among other aspects, further details of which can be found in a CV VC newsletter.
In addition to the branch office in the UAE, CV VC also opened a new office in Cape Town, South Africa, in 2021. Here, CV VC intends to support crypto start-ups in several African countries. To this end, the Zug-based company is collaborating with the Swiss State Secretariat for Economic Affairs (SECO).