- DMCC and Crypto.com join hands to use blockchain technology in the commodities market.
- They aim to tackle key challenges like settlement friction, price transparency, and market access.
- Both platforms will also see the possibility of listing tokenized commodities on Crypto.com , pending regulatory approval.
DMCC and Crypto.com are pushing the boundaries of innovation in the commodities market with a strategic partnership. With this collaboration, the parties intend to harness the power of blockchain technology to address key challenges in the commodities market, including settlement friction, price transparency, and market access.
By leveraging blockchain technology, DMCC and Crypto.com plan to establish a more efficient, transparent, and inclusive commodities market that benefits buyers, sellers, and investors alike. With the global commodities market poised for significant transformation, this partnership positions Dubai at the forefront of innovation.
Tokenization Takes Centre Stage: Crypto.com and DMCC’s Ambitious Plan
According to cryptocurrency exchange Crypto.com’s latest announcement, the company has partnered with Dubai Multi Commodities Centre (DMCC), the Dubai government’s free trade zone and commodities exchange. This alliance is focused on leveraging blockchain technology to enhance trade infrastructure.
Notably, the partnership builds on DMCC’s existing collaboration with the Dubai Virtual Assets Authority (VARA) and aims to create a secure, compliant, and scalable framework for integrating real-world assets into the digital economy. By working together, DMCC and Crypto.com seek to drive innovation in commodities trading and unlock new opportunities for growth.
“Tokenised real-world assets represent one of the most significant advancements in the digital economy,” stated Eric Anziani, President and Chief Operating Officer of Crypto.com. Amnziani added,
“Working with DMCC – a global leader in trade facilitation and an established hub for innovation – provides an exceptional platform to explore these opportunities responsibly and at scale. Together, we aim to advance infrastructure that supports the next chapter of tokenisation, global trade and digital financial services.”
The partnership will also assess the feasibility of listing tokenized commodities on the Crypto.com exchange, pending regulatory approval. Additionally, they will explore key areas like custody models, liquidity-facilitation mechanisms, and crypto payments across DMCC’s digital platforms.
Empowering Web3 Innovation
As part of this collaboration, Crypto.com and DMCC have signed a Memorandum of Understanding (MoU). Under this agreement, the organizations will collaborate on educational and technical programs to promote institutional understanding and responsible innovation in Dubai’s Web3 ecosystem.
The initiatives will include workshops, hackathons, and capability-building modules designed for businesses exploring tokenized asset models, ultimately fostering a deeper understanding of Web3 technologies and promoting innovation in the region.
Commenting on the collaboration with DMCC, Crypto.com UAE GM noted,
“It is an honour to be working with DMCC to enhance Dubai’s digital asset ecosystem and introduce innovative ways blockchain technology can integrate and interact with traditional financial infrastructure. DMCC is the key institution in the development and enhancement of Dubai’s business sector and we are proud to help this community thrive.”
It is noteworthy that the partnership builds on DMCC’s earlier collaboration with the Dubai Virtual Assets Authority (VARA) to develop infrastructure for tokenized commodities. The alliance also solidifies DMCC’s position as a global leader in commodities trade and the emerging tokenized economy.
Crypto.com Unveils Global Future-Intelligence Platform
In a parallel development, Crypto.com has partnered with ERShares and Signal Markets to launch a cutting-edge prediction market platform. This innovative move aligns with the growing trend of prediction markets.
The Crypto.com prediction market will integrate macroeconomic data, financial market indicators, and corporate outcomes to provide actionable insights.
