Memorandum of Understanding signed by the Dubai Blockchain Center and Chaintech Labs Ltd
The Dubai Blockchain Center (DBCC) and Chaintech Labs Ltd (CTL) have announced a new cooperation agreement to foster long-term blockchain technology research and development for enterprises and government authorities in the GCC region.
The agreement, in the form of a Memorandum of Understanding (MoU), formalises the mutual interaction and strengthens the existing relationship between the Dubai Blockchain Center and Chaintech Labs Ltd at the strategic and working level, focusing on the onboarding of global enterprises and government authorities on the blockchain, the development of standards for public and private blockchains, smart contracts, fungible- and non-fungible tokens.
The Dubai Blockchain Center aims to bring together blockchain thought leaders, developers, investors, and educators. Organizing free blockchain 101 awareness sessions in Arabic and English, hosting Use-Case-Focused events and demonstrations, running blockchain and entrepreneurship competitions, and supporting both public and private sector companies on blockchain technology and appropriate use cases.
Chaintech Labs Ltd is a blockchain research and development house, incorporated in the Dubai International Financial Center, founded by a group of blockchain researchers and game developers from Stockholm, San Francisco, New York, and Dubai. Chaintech Labs Ltd is the owner of more than 10 global NFT projects, including over a million people under its community, and a total token market cap close too 1 billion dollars. DBCC and CTL have a shared objective of serving the private and public interest. This MoU provides for continued strengthening of future cooperation between the DBCC and CTL in achieving common goals that will increase the general understanding of blockchain technologies and how they will benefit society as a whole.
Erik Lydecker, Managing Director at CTL, said:
"We are honored and humbled for the trust and support we have received from the Dubai Blockchain Center, in leading all of the blockchain technology endeavors in the UAE and beyond. 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."
Dr Marwan Al Zarouni, CEO at DBC, said:
"Our objective is to support creators and innovators in the crypto and blockchain space. This is in line with Dubai’s Metaverse Strategy wich was announced recently. 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."
Abdulla Mohamed Al Dhaheri , Deputy Mangening Director & partner, Chaintech Labs Ltd