July 6, 2023

RAK DAO’s Startups To Leverage Use of Hedera Blockchain



RAK Digital Assets Oasis (RAK DAO), a free zone in the UAE’s Ras Al Khaimah allocated for crypto companies, inked a memorandum of understanding (MoU) with the HBAR Foundation to support its ecosystem members.

According to the deal, RAK DAO’s members will be granted a program that helps them to access to leverage the use of the Hedera blockchain, Cointelegraph reported. 

“We’re thrilled to join forces with the @HBAR_foundation, empowering entrepreneurs to build on the #Hedera network. This collaboration opens doors to a comprehensive grant program, expert support, and a thriving #ecosystem to scale innovation,” RAK DAO tweeted. 

In this regard, RAK DAO Chairman Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi told Cointelegraph that cooperation with HBAR Foundation will enhance the sustainable growth of RAK DAO’s ecosystem and push Ras Al Khaimah to be a global leader in the digital economy.

“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across sectors, and paving the way for synergistic relationships to flourish,” Sheikh Mohammed noted. 

Under the MoU, RAK DAO’s startups will get specialized support in the fields of technology, business development, and marketing, in addition to adopting new ideas in the Web3 space. RAK DAO and HBAR will cooperate in launching other initiatives, including startup pitching sessions, and debuting joint projects such as venture studios or accelerators.

The UAE free zone is a purpose-built and innovation-enabling free zone for non-regulated activities in the virtual assets sector. It is considered the first of its type in the world as it will be specialized for digital and virtual asset companies, which are working in the fields of the metaverse, blockchain, utility tokens, DAOs, NFTs, virtual asset wallets, and Web3-related activities.

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