Dubai Blockchain Center And Chaintech Labs Sign Strategic Partnership To Foster Innovation

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Blockchain
Dubai Blockchain Center And Chaintech Labs Sign Strategic Partnership To Foster Innovation

A new partnership has been born between the Dubai Blockchain Center (DBCC) and Chaintech Labs Ltd. (CTL) to develop blockchain technology in the Gulf region. The new deal between the two parties was formalized in the form of a Memorandum of Understanding (MOU).

Dubai Blockchain Center Eyes Long-term Blockchain Technology Development

Dubai, through its various agencies, is committed to the advancement and growth of the blockchain industry. The UAE government set its eyes on blockchain technology four years ago when the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, laid the groundwork.

Accordingly, the new partnership between the two organizations fosters a strategic and working relationship. In addition, it will focus on onboarding government institutions, agencies, and global enterprises.

The two entities will expose public and private establishments to the concept of blockchain, non-fungible tokens (NFT), and smart contracts.

Moreover, the Dubai Blockchain Center aims to bring together industry experts, investors, educators, and developers. The organization plans to organize introductory blockchain technology lessons in Arabic and English.

The two parties will put further efforts into hosting use-case scenarios, live demonstrations of blockchain innovations, and entrepreneurship competitions. There is also provision for supporting public and private firms in the blockchain sector.

On the other hand, Chaintech Labs Ltd. is a blockchain research and development company, a subsidiary of the Dubai International Financial Center. The platform is run by a team of blockchain experts and software developers from Dubai, San Francisco, Stockholm, and New York.

Furthermore, Chaintech Labs owns over 10 NFT projects spread worldwide, with more than one million people in its community. Another interesting thing about the firm is its market capitalization of nearly $1 billion.

Dubai’s Support for Metaverse and Web3 Initiatives

The government of Dubai has established a task force for overseeing the development and expansion of the virtual ecosystem to accelerate the digital economy’s expansion.

According to the CEO of DBCC, Marwan Alzarouni, the center has partnered with various organizations that will ensure the progress of the grand plan the Emirate hopes to achieve. The digital economy is Dubai’s main priority as the region is ready to follow the direction of technological innovations.

Alzarouni further explained that the DBCC offers a model that will provide blockchain and metaverse education at no cost to the participants at the initial stage.

The partners, DBCC and CLT, have a shared vision and objectives, considering their ties to the region of their operation. The partnership’s focus is on serving the public and private interests in the blockchain arena.

Meanwhile, the MOU will strengthen cooperation between the two parties as mutual business associates. Dubai has well-laid plans geared toward accelerating the growth of the blockchain ecosystem. Both companies have pledged to support the digital asset industry to ensure that the vision is realized.

International crypto and blockchain investors view Dubai as a melting pot for their projects. Locating a blockchain project in Dubai offers investors access to like-minded talents from around the globe. 

Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.