DMCC, Dubai’s eminent free zone for commodities trade, and Bybit, the global crypto exchange, have successfully wrapped up a groundbreaking USD 100,000 hackathon aimed at propelling the growth of Dubai’s thriving Web3 ecosystem.
This hackathon stands as a significant achievement in their strategic partnership initiated in June to propel the mass adoption of Crypto and Web3 in Dubai.
With a substantial prize pool directed towards fostering crypto innovation, the hackathon represents the MENA region’s first of its scale.
Ten exceptional teams advanced to the final stage, showcasing groundbreaking innovations across diverse blockchain sectors. The winning teams span pioneering solutions like Evai’s decentralized Supervised Machine Learning rating system, Pravica’s peer-to-peer Web3.0 messaging infrastructure, and Timeswap’s decentralised lending and borrowing protocol in DeFi.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, hailed the event as a testament to Dubai’s position as a global leader in Web3, emphasizing the innovative strides made in GameFi, sustainable blockchain solutions, and more.
Ben Zhou, Bybit’s Co-founder and CEO, also expressed pride in unveiling impressive tech talent and affirmed continued collaboration with DMCC for future projects.
The collaboration between DMCC and Bybit earlier this year also included offering substantial financial assistance to new cryptocurrency businesses establishing operations at DMCC Crypto Centre.
Bybit’s role as the listing partner for the Crypto Centre signifies its commitment to aiding cryptocurrency firms in listing their digital assets on a global stage.
With over 550 members, DMCC Crypto Centre remains a pivotal hub for Web3 and blockchain technologies, providing an extensive ecosystem and resources for entrepreneurs and crypto businesses to thrive and expand their operations.
Bybit, headquartered in Dubai and boasting over 15 million users, solidifies its position as a top global exchange, reinforcing Dubai’s status as a burgeoning hub for crypto innovation.
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