DMCC, Bybit launch $100,000 Web3 hackathon

The Dubai Multi Commodities Centre (DMCC) and the global crypto exchange Bybit have launched their second joint hackathon with US$100,000 on offer for the most innovative Web3 businesses. This latest hackathon follows the success of their first edition in November 2023, which focused on innovations across Web3, including artificial intelligence (AI), gaming, and information security.

Applications for the second edition are now open, with the hackathon set to be held on 20th November 2024 at DMCC’s headquarters in Uptown Tower.

Up to 10 teams will compete to develop creative technical solutions to a range of challenges within some of the most topical areas in the sector, chosen for their potential to create efficiencies in commercial and trade-related applications. This includes fields such as tokenisation, AI, Web3 infrastructure, zero-knowledge protocols, digital identity, and DePIN (decentralised physical infrastructure networks).

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 $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.”

Ben Zhou, Co-founder and CEO of Bybit, added, “Hackathons are a fantastic way of both tapping into and nurturing the thriving Web3 community that Dubai has to offer, particularly as we look to expand our offering globally. Working hand-in-hand with DMCC is a key pillar of our strategy, so we are looking forward to seeing Dubai’s Web3 firms rise to the challenge.”