DUBAI, UAE, Sept. 3, 2024 -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, joined forces with the Dubai Multi Commodities Centre (DMCC) Crypto Centre to unleash Web3 and blockchain innovations in the largest hackathon of its kind in the MENA region. Tasked with the vision to innovate for a better tomorrow, participants are invited to identify and develop solutions for real-world problems.

The second rendition of the Bybit and DMCC Hackathon will unleash the potential of innovative Web3 solutions in addressing real-world challenges. Through tokenization, artificial intelligence, Web3 infrastructure, zero-knowledge protocols, digital identity and DEPIN, among other aspects of blockchain and Web3 applications, participants can contribute to democratizing technological and community-driven solutions.

A prize pool of 100,000 USDT makes the hackathon the largest of its kind in MENA. Apart from financial rewards, project teams will enjoy exclusive access to industry leaders and media partners, and the opportunity to pitch live in Dubai to a global audience of over 33,000 viewers on Demo Day.

Applications are open from September 1 to October 5, 2024. Click here to apply. A short list of ten exceptional teams will be announced on Oct, 21. On Nov. 20, the finalists will get to showcase their work to an expert panel of judges on Demo Day.

The trailblazing hackathon opened up Web3 opportunities for crypto innovators and new founders last year, rewarding three winners with $100,000. Out of over a hundred projects, ten top teams who demonstrated excellence in areas including GameFi, DeFi, Web3 infrastructure, educational NFTs and sustainable blockchain solutions were invited to Pitch Day.

Accelerating the Rise of Web3 in MENA

The hackathon is part of Bybit and DMCC's broader initiatives to bring Web3 opportunities within reach to changemakers and entrepreneurs in the region. Through collaborations including the annual hackathon and an upcoming flagship conference in the making, Bybit joins the DMCC crypto ecosystem to foster the next generation of talent and next phase of growth. 

The strategic partnership saw renewed energy this year between Bybit, DMCC, and the wider crypto community as Dubai morphs into a regional hub for Web3 opportunities. The transformative power of the digital economy beckons, and the golden city is well placed to lead in blockchain innovation and transform the digital asset space.

Helen Liu, Chief Operating Officer at Bybit, said: "Imagination is crucial in the Web3 space, and we look forward to big ideas coming out of this year's Bybit-DMCC Hackathon. Bybit and DMCC are renewing our young traditions of uplifting creative minds and entrepreneurship. Bybit is headquartered in Dubai and it is truly an honor for us to support the brilliant talent coming out of MENA here at home."

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said: "DMCC Crypto Centre's collaboration with Bybit for this latest hackathon underscores our commitment to furthering the development and adoption of cutting-edge solutions that will shape the future of the digital economy As our second edition with Bybit in less than 12 months, this event will not only provide USD 100,000 for the most successful Web3 firms, but also incentivise and drive the next wave of Web3 innovation from the heart of DMCC's integrated tech ecosystem. It is yet another testament to Dubai's unmatched position as the epicentre of next-gen technological advancements."

The synergy put Bybit and DMCC's Web3 push on the fast track with a focus on catalyzing growth for the industry in the city of gold. In August, Bybit was recognized as the first organization to take on an advisory role at the DMCC Crypto Centre. From financial incentives to ecosystem support, Bybit platforms MENA-based entrepreneurs and champions their success in the Web3 space.

Learn more: DMCC x Bybit Web3 Unleashed #2: Innovating for a Better Tomorrow — Identify and Solve Real-World Problems

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.

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About DMCC 

Headquartered in Dubai, DMCC is the world's most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with world-class property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai's position as the place to be for global trade today and long into the future. www.dmcc.ae  

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