Crypto exchange Bybit and the Dubai Multi Commodity Centre (DMCC) have announced a $1,000,000 hackathon as they look to transform the Web3 ecosystem in Dubai.

The “Web3 Unleashed: Crypto Innovation Challenge”, which was announced today, September 27, will be held on November 22 and will focus on key areas such as artificial intelligence (AI), gaming, and blockchain security.

DMCC and Bybit penned a partnership in June this year, with the exchange becoming the Dubai trade zone’s official ecosystem partner. The DMCC Crypto Centre is a leading crypto and Web3 destination for the MENA region.

As part of their collaboration, Bybit and DMCC agreed to support overall growth of the region’s crypto community. That deal has seen the crypto exchange back 15 crypto startups within the DMCC with a total of AED 500,000.

Other than the financial support, startups are also benefiting from Bybit’s role as the DMCC crypto listing partner, with platforms able to tap into the exchange’s market expertise and mentorship. Many projects have been able to bootstrap growth through the Bybit/DMCC partnership.

Bybit co-founder and CEO Ben Zhou said in a comment that the exchange will continue to back the DMCC Crypto Centre members amid “Dubai’s ever-evolving crypto landscape.” Noting that Bybit is like a ‘Crypto Ark’, Zhou added:

“This hackathon is just one of many projects we are collaborating with DMCC, and is so important as it provides a supportive atmosphere for young talent to emerge and grow.” 

Hackathon participants can register between September 26 and October 26, 2023, with accepted projects including blockchain infrastructure, DeFi, NFTs, Metaverse, AI, sustainable blockchain solutions and crypto gaming.

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