Dubai’s DMCC has teamed up with web3 investment firm Digital Wave Finance (DWF) Labs to offer a new $5m growth platform for blockchain businesses at the Dubai Crypto Centre.
DWF Labs will establish the DWF Ventures Studio, which will support nascent web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations locally, regionally and globally.
Building on the Crypto Centre’s wide offering, the DWF Venture Studio will provide multiple benefits for early-stage startups based in DMCC, including consultancy services, increased connection to global venture capital, market making services on tier one and two exchanges, a range of workshops and direct capital investments.
DWF aims to invest in 50 startups operating in the web3 space, with multiple additional investments for best performing companies, and a $500,000 investment for the cohort’s most prominent business.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Dubai’s leading position as a hub for web3 technologies is known the world over.
“The DMCC Crypto Centre has been a fundamental part of the emirate’s successful crypto journey, housing the largest concentration of web3 and blockchain businesses in the region. Partnering with one of the top names in the global industry further exemplifies the maturity of the crypto business community that we have built, as well as the significant commercial opportunities that Dubai presents.”
DWF Labs is part of the broader Digital Wave Finance (DWF) platform, which is one of the world’s largest high-frequency cryptocurrency trading entities.
By trading volume, DWF is one of the top five trading entities that trade on the top 40 exchanges, trading more than 2,000 different types of digital assets.
Andrei Grachev, Managing Partner, DWF Labs, added: “DWF Labs’ core goal is to invest in and support innovative entrepreneurs within the web3 space.
“For this reason, partnering with DMCC and its Crypto Centre is the right step as we expand our footprint both in Dubai and globally. The ecosystem that DMCC has built offers a strong pool of crypto talent that we are looking forward to being part of, building upon, and ultimately further facilitating its success.”
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