Dubai's Commodities Exchange and Bybit Enter Advisory Partnership Focused on Web3

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 Web3 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 Web3 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, Bybit's Chief Operating Officer, 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.