DMCC—the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise—has partnered with DWF Labs, the new generation crypto venture capital firm and market maker, to offer a new $5 million growth platform for Web3 and blockchain businesses resided at the DMCC Crypto Centre.
As a new ecosystem partner, we will establish the DWF Ventures Studio, which will support nascent Web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations locally, regionally, and globally. The partnership was announced during the ‘Sunset Meet and Greet’ crypto event‘Sunset Meet and Greet’ crypto event organised by DWF Labs on 24 February 2023 in Dubai.
Building on the Crypto Centre’s offering, the DWF Ventures will provide multiple benefits for early-stage crypto startups based in DMCC, including consultancy services, increased connection to global crypto venture capital, market making services on Tier-1 and Tier-2 digital asset exchanges, a range of workshops, and direct capital investments.
DWF Labs aims to invest in 50 startups operating in the Web3 space, with multiple additional investments for the best performing companies, and a $500,000 investment for the cohort’s most prominent business.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said:
‘Dubai’s leading position as a hub for Web3 technologies is known the world over. The DMCC Crypto Centre has been a fundamental part of the emirate’s successful crypto journey, housing the largest concentration of Web3 and blockchain businesses in the region. Partnering with one of the top names in the global industry further exemplifies the maturity of the crypto business community that we have built, as well as the significant commercial opportunities that Dubai presents.’
Andrei Grachev, Managing Partner of DWF Labs, added:
‘DWF Labs’ core goal is to invest in and support innovative entrepreneurs within the web3 space. For this reason, partnering with DMCC and its Crypto Centre is the right step as we expand our footprint both in Dubai and globally. The ecosystem that DMCC has built offers a strong pool of crypto talent that we are looking forward to being part of, building upon, and ultimately further facilitating its success.’
DWF Labs is part of Digital Wave Finance (DWF), one of the world’s largest high-frequency cryptocurrency trading entities. By trading volume, DWF is one of the top five trading entities that trade on the top 40 exchanges, trading over 2000 different types of digital assets.
The DMCC Crypto Centre is a comprehensive ecosystem for companies that develop Web3 and blockchain technologies and associated value-added services, providing everything that crypto businesses and entrepreneurs need to set up and scale their operations. Home to over 550 businesses operating in the Web3 and blockchain space, the DMCC Crypto Centre represents the highest concentration of crypto firms in the region.
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