Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has significantly expanded its partnership with the Dubai Multi Commodities Centre (DMCC). This move transitions Bybit from a key ecosystem partner to an advisory role, underscoring its commitment to shaping the Dubai crypto scene. Over the next year, this enhanced collaboration is set to influence the evolution of Dubai’s burgeoning crypto and Web3 industry, placing the city at the forefront of the global cryptocurrency landscape.
Bybit’s New Advisory Role in the Dubai Crypto Scene
Bybit’s appointment as an advisory partner marks a pivotal development in the Dubai crypto scene. From August 2024 through July 2025, Bybit will serve as an Ecosystem and Advisory Partner at the DMCC Crypto Center, offering strategic insights to foster growth and innovation. This role will see Bybit actively engaging with key stakeholders and shaping policies that will impact Dubai’s crypto ecosystem.
Belal Jassoma, DMCC’s Director of Ecosystems, praised Bybit’s past contributions, stating, “Bybit has been a true partner over the past year and has brought significant value to the crypto and Web3 community in Dubai.” This new advisory role allows Bybit to leverage its extensive industry experience to support the DMCC Crypto Center’s members, aiding in scaling their businesses and accessing global markets. The partnership signifies a shared vision for advancing Dubai’s position as a global hub for cryptocurrency and blockchain innovation.
Dubai’s Rapid Rise as a Crypto Hub
Dubai has quickly emerged as a central player in the blockchain and cryptocurrency sectors, thanks to its forward-thinking regulations and vibrant entrepreneurial environment. The city’s strategic location has attracted a multitude of blockchain startups and established players, positioning it as a key hub in the global crypto ecosystem.
Bybit’s involvement has been crucial in nurturing this environment. The exchange has provided financial support and expert advisory services, helping startups navigate the complexities of the Dubai crypto scene. Through its partnership with DMCC, Bybit has played a significant role in fostering the growth of Dubai’s crypto sector.
Events to Elevate the Dubai Crypto Scene
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The collaboration between Bybit and DMCC will also feature two major events designed to boost the Dubai crypto scene. These events include a global hackathon and a flagship conference, both aimed at showcasing innovation and thought leadership in the industry. The hackathon will serve as a platform for developers to present their Web3 projects, while the conference will bring together industry experts and thought leaders to discuss the future of the Dubai crypto scene.
These events are part of Bybit’s broader strategy to invigorate the Dubai crypto landscape. Previous initiatives include a prize pool hackathon with a $100,000 fund to support blockchain startups, a Masterclass for aspiring entrepreneurs, and the “Let Web3 Happen in Dubai” event focusing on security and compliance. Bybit’s support has been instrumental for over 20 startups, providing crucial funding and mentorship to help these ventures succeed in the competitive Dubai crypto scene.
Innovative Tokenomics and Strategic Initiatives
Bybit’s advisory role will also involve contributing to innovative tokenomics and strategic initiatives within the Dubai crypto scene. One of the key features of this role is the introduction of dynamic position size adjustments and flexible collateral management, enhancing the trading experience for users. The platform’s zero price impact feature ensures that large orders in BTC and ETH pairs are executed without significant slippage, optimising trade efficiency.
Additionally, Bybit’s Buyback and Distribute mechanism aims to strengthen the value of its native GNS token. This strategy includes distributing staking rewards in GNS tokens rather than collateral assets, and implementing an over-the-counter exchange mechanism to set a soft price floor for the token. These measures are expected to have a substantial impact on the market dynamics of the GNS token, further supporting the growth of the Dubai crypto scene.
Conclusion: Bybit’s Impact on the Dubai Crypto Scene
Bybit’s new advisory role with DMCC marks a significant milestone in its commitment to the Dubai crypto scene. As the first entity appointed to this role, Bybit is poised to leverage its industry expertise to drive innovation and growth within the sector. Helen Liu, Chief Operating Officer of Bybit, expressed pride in this achievement, stating, “We are honored to be the first organization appointed to this advisory role by DMCC.”
This partnership is set to elevate the Dubai crypto scene, aligning with the city’s vision of becoming a global leader in crypto and Web3 technologies. For ongoing updates and insights into how Bybit and DMCC are shaping Dubai’s crypto future, stay tuned to TheBITJournal.
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