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- 1 Bybit and the Dubai Multi Commodity Centre (DMCC) announced the “Web3 Unleashed: Crypto Innovation Challenge.”
- 2 Bybit has AED 500,000 to 15 crypto startups in the DMCC crypto ecosystem.
- 3 DMCC announced Bybit as its official ecosystem partner.
Bybit, a globally popular crypto derivative exchange, and the Dubai Multi Commodity Centre (DMCC) announced “Web3 Unleashed: Crypto Innovation Challenge,” the hackathon is backed by a pool price of $100K.
After Bybit significantly partnered with the DMCC crypto ecosystem, the hackathon came into the limelight. As per an available data source, Bybit has AED 500,000 to 15 crypto startups in the DMCC crypto ecosystem.
Earlier, TradeSanta partnered with Bybit to offer 100 free subscriptions, TradeSanta Advanced plan subscriptions for trading with bots on Bybit. Brayan Aaron and Daniel Bashaarimov will adjudicate the hackathon event.
The event is expected to occur on November 22, 2023, focusing on artificial intelligence, gaming, and blockchain security. The hackathon is expected to become one of the most significant events of its kind and has a prize money of $100K.
DMCC and Bybit came into the alliance in June 2023 with a motive to boost the mass adoption of crypto in Dubai. The available data on the Bybit website states that the exchange has more than 15 Million active users.
After the first alliance, DMCC announced Bybit as its official ecosystem partner for the DMCC crypto center, where the company seeks to register itself.
Despite this position, the exchange also holds the rank of DMCC crypto listing partner, guiding startups to bootstrap growth and official mentorship.
Will Bybit Expansion Bring it to the Top of Crypto Exchanges?
Bybit is expanding its network globally on a constant basis, and in the past 52 weeks, it has secured over one dozen crypto operation licenses in different countries.
According to a report of TheCoinRepublic dated June 28, 2023, Bybit secured a license in Cyprus to operate as a trading platform. It was one of the most affected crypto exchanges following the FTX’s unprecedented collapse. During the crypto winter in 2022, the crypto exchange has reduced its workforce by a few percent.
As per the data of CoinMarketCap, a surge of 0.35% is seen in the overall market cap. However, the leader of cryptocurrencies, Bitcoin, lost 3.37% of its trading value weekly.
Toncoin is one of the most declined cryptocurrencies in the past 7 days, followed by XDC, Casper, Render, and many others. The total volume in DeFi is currently $2.65B, 10.00% of the total crypto market 24-hour volume.
The volume of all stablecoins is now $25.23B, 95.36% of the total crypto market 24-hour volume.
After many remarkable efforts, crypto adoption has seen an impressive surge. While Dubai is on the verge of becoming a global crypto hub, dozens of crypto exchanges have worked with the regulators of different countries to boost crypto adoption globally.
Bybit was in trouble after the unprecedented collapse of FTX, but with time it managed to survive and recover with a double power.
Disclaimer
The views and opinions stated by the author or anyone named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
