January 11, 2023

Dubai Home of Over 500 Crypto Companies

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Dubai is now the home of more than 500 crypto firms, the biggest gathering of crypto and blockchain companies in the region, according to the Dubai Multi Commodities Centre (DMCC).

In a press release, DMCC said that it had attracted 3,049 new businesses to Dubai, with an increase of 23% year-on-year, compared to 2021, when new member company registrations reached 2,485. These figures mark the best year ever for DMCC since its launch.

The increasing demand from Web3 and blockchain companies to operate in Dubai and register for DMCC Crypto Center is the main reason for this growth.

In this regard, Executive Chairman and Chief Executive Officer of DMCC Ahmed Bin Sulayem said DMCC has implemented its strategy efficiently in 2022 by concentrating on member companies working in the field of Web3 and blockchain technologies.

It is worth mentioning that in October the DMCC Crypto Centre collaborated with Brinc, a venture capital firm and part of Animoca Brands, which is a pioneer in the Web3 and blockchain domains, to offer its new members access to the $150-million-accelrator fund. According to the partnership, Brinc could identify, empower, and invest in startups that develop Web3 and blockchain technologies.

Bin Sulayem noted: “I often view our member company registrations as a barometer for commercial and FDI activity in Dubai – these record-high numbers demonstrate burgeoning investor confidence in the emirate and the growing number of opportunities that Dubai presents.”

Meanwhile, Chief Operating Officer of DMCC Feryal Ahmadi pointed out that the center will continue its work throughout this year by enhancing its offerings and services and building more partnerships worldwide to bring new trade flows through Dubai.

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