Chaintech joins DBCC in Dubai to foster blockchain technology in the Gulf countries

    31 Jul 2022

    The Dubai Blockchain Centre and Chaintech joined efforts to foster long-term blockchain technology research and development for enterprises and governments in the Gulf region, using private blockchains, smart contracts, and tokens.

    The Dubai Blockchain Centre (DBCC), a training and consulting Blockchain firm in UAE, and Chaintech Labs Ltd (CTL), a blockchain research and development house based in the Dubai International Financial Center (DIFC), have entered into a long-term partnership to foster long-term blockchain technology research and development for enterprises and government authorities in the GCC region.

    The memorandum of understanding (MoU) formalizes the mutual interaction and strengthens the existing relationship between the DBCC and Chaintech at the strategic and working level. The agreement focuses on onboarding global enterprises and government authorities on the blockchain, and the development of standards for public and private blockchains, smart contracts, fungible tokens, and NFTs.

    “We are honored and humbled for the trust and support we have received from the Dubai Blockchain Centre in leading all of the blockchain technology endeavors in the UAE and beyond,” stated Erik Lydecker, Managing Director at CTL. “We are very excited to be operating together with a partner like the DBCC, in the most progressive and bold country in the world, in terms of the incorporation and implementation of cutting-edge technologies, across all industries.”

    “Our objective is to support creators and innovators in the crypto and blockchain space. This is in line with Dubai’s Metaverse Strategy, which was announced recently,” added Dr. Marwan Al Zarouni, CEO at DBCC. “Our cooperation with CTL enables us to tap into their community and create more opportunities for projects within the metaverse and NFT space as well as create, support, and foster talent in Dubai, the UAE, and beyond.”

    Last month, DBCC, which is also a strategic partner of the government agency Dubai Future Foundation, revealed its plans to create a metaverse for the government task force impaneled to develop and oversee the digital economy policies in the region.

    During the DIFC Fintech Week in Dubai, Al-Zarouni said on the sidelines that it plans to create a virtual platform that will host all upcoming events of the task force related to supervising technological developments in the digital economy.

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