February 28, 2023

DMCC, TDeFi Team up To Launch Accelerator Program for Web3 Startups

DMCC, TDeFi Team up To Launch Accelerator Program for Web3 Startups Featured Image

DMCC

The Dubai Multi Commodities Centre (DMCC) cooperated with TDeFi, a Web3 incubator and consultancy firm, to launch an accelerator program for companies which are specialized in Web3 and blockchain in Dubai. 

This accelerator program, which targets attracting new crypto companies in the emirate, will give Web3 startups the required guidelines and hold sessions on cryptocurrencies in addition to enabling them to expand their businesses at the DMCC Crypto Center, Gulf Business reported. 

The one-month accelerator program will be operated at least two times within the coming 12 months. TDeFi will select some crypto and blockchain companies after each round of the program to benefit from its incubator by providing them access to additional TDeFi advisory services. 

In this regard, Chief Executive Officer of DMCC Ahmed bin Sulayem said the center’s partnership with TDeFi will help crypto startups to launch their businesses in Dubai, adding DMCC is trying to offer everything crypto businesses and entrepreneurs need to thrive. 

Meanwhile, CEO of TDeFi Gaurav Dubey said in a statement: “Through its Crypto Centre, DMCC has established a leading ecosystem of Web3 and blockchain businesses, and so there is no better place for us to operate our latest accelerator program.” 

This announcement came a week after Abu Dhabi’s technology ecosystem, Hub71, announced the launch of a new initiative called Hub71+ Digital Assets, which aims to support the growth of Web3 startups and their innovations in the fields of metaverse and blockchain.

The Hub71+ Digital Assets will provide capital funding to Web3 start-ups, located in Abu Dhabi, worth $2 billion (+AED 7 billion), in a move to unlock the potential of Web3 and the growth of digital assets, according to WAM news agency.

The initiative plans to provide Web3 start-ups with top-notch blockchain and virtual asset infrastructure in light of operating in an advanced regulatory environment.

The UAE is the Middle East’s fifth-largest crypto market, with a transaction volume of around $48 billion between July 2021 and June 2022, according to data compiled by Chainalysis.

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