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The new accelerator program for Web 3.0 and Blockchain businesses has been launched at the Crypto Center of the Free Trade Zone by Dubai Multi Commodities Center (DMCC) and TDeFi, a consulting firm that specializes in developing Web 3.0 technologies.
The initiative will provide startups in the Web 3.0 world with the necessary guidance and hold several sessions centered on cryptocurrency. It will also allow businesses to set up shop within the DMCC Crypto Hub, which is regarded as the free zone's web 3.0 ecosystem.
The one-month acceleration program will be run at least twice over the next year, according to the announcement.
In addition, following each run, TDeFi will select a few blockchain and cryptocurrency businesses to use its incubator and gain access to the advisory firm's services.
The CEO of DMCC, Ahmed Bin Sulayem, stated that their partnership with TDeFi will assist cryptocurrency startups in setting up shop in Dubai:
"We have definitely positioned Dubai as a leading cryptocurrency hub by providing everything crypto businesses and entrepreneurs need to thrive."
The DMCC Crypto Center has enlisted in excess of 500 authorized organizations having some expertise in the realm of blockchain and digital forms of money starting from the start of 2023, and the free zone expressed that it has an occupant base of in excess of 22,000 inhabitants altogether.
The Web 3.0 ecosystem, which aims to accelerate the growth of startups in the UAE capital, was launched just over a week after the announcement by Hub71, the global technology hub with its headquarters in Abu Dhabi.
In addition, the venture capital funds participating in the Hub71+ Digital Asset plan to expand their network of digital asset investors by offering $2 billion in initial investments.
Hub71 says that First Abu Dhabi Bank (FAB) will look for Web 3.0 businesses, entrepreneurs, and cutting-edge technologies to help reorganize metaverse financial services.
Related Articles: The new guideline of virtual resources at the government level in the UAE is supposed to happen soon
It is actually significant that previous this year, the UAE Bureau gave guidelines at the government level for Virtual Resource and Virtual Resource Specialist organizations (VASPs).
The new guidelines, according to the Cabinet, "will support the state's efforts to provide an attractive investment economy and a suitable financial environment for international companies and institutions operating in the virtual assets sector so that they can provide their services in the country," according to the statement.