Bybit has extended its partnership with the Dubai
Multi Commodities Centre (DMCC), the cryptocurrency exchange announced today
(Monday). Bybit will now transition from being a key ecosystem partner to an
advisory role, a move expected to catalyze further growth in Dubai’s burgeoning
crypto and Web 3 sectors.
Advisory Partner
The newly elevated partnership, effective from August
2024 through July 2025, will allow Bybit to step into its role as DMCC’s
Ecosystem and advisory partner. This expanded role involves offering guidance to the DMCC Crypto Center and its network, underpinning the shared
mission to advance Dubai’s position in the global crypto arena.
A major aspect of this partnership includes the
co-organization of two significant industry events: a global hackathon and a
flagship conference. The hackathon aims to foster innovation by supporting
developers in creating Web 3 projects.
The past year has witnessed notable achievements,
including a $100,000 prize pool hackathon designed to support blockchain
startups, a Masterclass for aspiring entrepreneurs, and the “Let Web3
Happen in Dubai” event, which focused on security and compliance.
Additionally, Bybit participated in a high-profile
side event at Token 2049. Through these efforts, Bybit has assisted over 20
startups in establishing a presence within Dubai’s vibrant crypto landscape.
Bybit’s Advisory Role
Helen Liu, the Chief Operating Officer at Bybit, expressed
enthusiasm about the new advisory role, stating: “We are honored to be the
first organization appointed to this advisory role by DMCC. By taking on this
role, we are excited to leverage our expertise to drive innovation and support
the growth of the industry in Dubai.”
Early this month, Bybit announced that it would terminate its services for French users, citing unfavorable regulatory developments in
the country. The announcement highlighted that the exchange will restrict
customer accounts in the region to “close-only” mode, prohibiting users from
opening new trading positions. Additionally, it urged French users to close all
positions and withdraw their funds.
Elsewhere, Bybit launched a Mastercard debit card in Argentina last month, promising users convenience and rewards with the new
offering. The service integrates digital assets with everyday transactions to
promote financial inclusivity.
This article was written by Jared Kirui at www.financemagnates.com.
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