UAE-based crypto exchange Bybit has partnered with the Dubai Multi Commodities Centre and will become an Ecosystem Partner for the DMCC Crypto Centre. The goal of this partnership is to support the mass adoption of cryptocurrencies and Dubai and contribute to the expansion of the Web3 ecosystem in the emirate.

To support the growth of the crypto community in the region, Bybit has signed a Memorandum of Understanding (MOU) with DMCC. As part of the MOU, Bybit has pledged AED 500,000 to support the development of 15 new Web3 companies at the DMCC Crypto Centre.  In order to qualify, start-ups need to pass standard compliance and due diligence checks required by DMCC. As part of the agrement, Bybit will also take on new responsibilities, such as providing assistance for other blockchain-related projects and sharing insights and technical know-how to help new projects get listed on the Bybit platform.

The DMCC’s crypto and gaming centre is scheduled to host two hackathons, which will provide an opportunity for developers, industry experts, and entrepreneurs to work together on new ideas to advance the Web3 and crypto industries. As part of its efforts to contribute to the Centre’s knowledge-sharing and capacity-building campaigns, Bybit will also put together webinars, curated courses, educational content, and awareness campaigns. In the official press release, DMCC officials emphasised Dubai’s position as a global hub for crypto and Web3, as well as Bybit’s expertise and financial contribution that will support crypto and Web3 businesses in Dubai.

What has Bybit been up to lately? Bybit has launched new products and services in 2023, including a new AI programme that supports smart trading, as well as a new lending service. The Tools Discovery AI programme was launched in April 2023 and represented one of the first AI systems of its kind on the cryptocurrency market according to Yahoo. The system relies on back-tested data to suggest strategies that respond to current market conditions.

This allows users to conduct data-driven decisions that are best suited to their unique profile. In essence, the system allows users to make emotionless, accurate decisions. As for the Bybit Lending service, it was introduced in May 2023, and it allows users to earn interest on their idle cryptocurrencies.

Bybit Lending was designed to provide a passive lending stream for users, which is why it includes a system that pays interest hourly. Furthermore, users are able to deposit and redeem their funds at any time thus allowing them to plan their deposits according to market fluctuations. .