Dubai-based digital start-up ecosystem Ignyte and cryptocurrency exchange Binance have signed an agreement which aims to accelerate blockchain innovation in the Middle East and North Africa (MENA) region.

On Thursday, the companies said the alliance will lead to the creation of a platform dedicated to blockchain and crypto innovation, designed to boost their adoption in the regional financial industry while empowering entrepreneurs in the field.

The Dubai International Financial Centre (DIFC), the Dubai-based financial hub for the Middle East, Africa and South-East Asia (MEASA), will actively support the initiative and serve as a strategic ecosystem to boost blockchain innovation efforts across the MENA region.

Through the DIFC, Ignyte and Binance said they will have access to advanced developer tools and blockchain infrastructure, as well as the market via the DIFC's Innovation Hub and its international partner networks. The initiative will also include mentoring from Binance's global network of experts and investors.

DIFC comprises 77 countries with a population of approximately 3.7 billion people and an estimated GDP of £10.5 trillion, connecting MENA’s rapidly growing markets with the economies of Asia, Europe and the Americas through Dubai. 

The ecosystem represents the largest financial ecosystem in the region with 48,800 professionals working in over 8,000 active registered companies, constituting the largest and most diverse talent pool in the industry in the region, said the companies.

As part of the partnership, the two companies will also launch a hackathon bringing together top developers, entrepreneurs and innovators from across the region to focus on pressing industry challenges including digital asset infrastructure and real-world blockchain applications.

Shortlisted teams will present their ideas to a jury of investors, business leaders and policymakers during a high-profile demo day, with the aim of increasing opportunities for entry into regional and global markets.

Richard Teng, chief executive officer of Binance, said that the initiative aims to promote the MENA region as a dynamic hub of talent and technological ambition.

“By providing the right tools, and global connectivity, we can empower builders to create solutions with real world impact,” he said. “Together we are helping to define the future of Web3 on a global scale.”

Arif Amiri, chief executive officer of the DIFC Authority, one of the independent bodies that govern and operate within the DIFC, emphasised how the ecosystem is the region’s leading global financial centre for FinTech and innovation, including discovering and scaling next generation blockchain and Web3 ventures.

“This partnership reflects our commitment to nurturing breakthrough technologies that will shape the future of finance and strengthen Dubai’s role as a global leader in innovation,” he added.

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