Dubai Multi Commodities Centre picks Enya Labs as technology partner

FinanceFeeds Editorial Team

Dubai Multi Commodities Centre (DMCC) has tapped Enya Labs as an ecosystem partner as it seeks to expand Dubai’s leading position as a global hub for digital assets.

Enya Labs, the core contributor to Boba Network, creates decentralized infrastructure solutions that serve blockchain and Web3 developers, leading with its flagship multi-chain scaling solution and Hybrid Compute platform.

Leveraging Boba Network, the partnership will certainly accelerate Dubai’s movement in the blockchain space as the emirate hopes to evolve as a crypto friendly jurisdiction. Enya Labs will support nascent Web3 and blockchain businesses using the DMCC Crypto Centre and Dubai as a hub from which they can scale their operations regionally and globally.

Boba Network enables companies adopting Web3 technologies to develop highly efficient dApps on its anchor network. Branded as a multichain layer-2 scaling protocol that helps to amplify the transaction speed, it provides capabilities for smart contracts running on top of many blockchain networks such as Ethereum (ETH), Moonbeam (GLMR), Avalanche (AVAX) and BNB Chain (BSC).

Boba’s expansion moves it beyond the scope of a traditional Layer-2 and reinforces its preeminent status for scaling blockchain networks. Combining its mass-level performance scalability with multi-chain additional features offers developers smarter tools to build more dynamic dApps. As a Layer-2 solution, Boba typically prioritizes cost and throughput performance, which ultimately provides developers with another low fee environment for feature-rich applications. 

DMCC, an economic free zone that focuses on enterprise and commodities trade, grants Enya Labs the opportunity to utilize Boba Network to provide technical support to Crypto Centre members interested in scaling their businesses. They will also be able to access Hybrid Compute, Boba’s flagship multi-purpose pipe which directly connects decentralized computers to Web2 APIs via smart contracts.

As a new ecosystem partner, Enya Labs will also offer a mentorship program and additional support through the DMCC Crypto Academy. 

Commenting on what is seen as a new milestone for the commodities centre, Ahmed Bin Sulayem, the executive chairman and CEO at DMCC, said: “The ability of the DMCC Crypto Centre to attract such high-profile and impactful players in the web3 space is a true testament to the thriving ecosystem that we have created. By bringing Boba Network into the fold, in partnership with core contributor, Enya Labs, we are further expanding the support we provide to our members and enhancing the ways in which they can scale their operations in Dubai and beyond.”

Alan Chiu, the co-founder & CEO of Enya Labs], added: “The DMCC Crypto Centre is a mature environment with many high-potential projects being developed on a daily basis. As such, this partnership with DMCC will allow us to bring new and exciting web3 companies onto Boba Network as it continues to expand globally.”

Located in the iconic Almas Tower, the DMCC Crypto Centre is the largest ecosystem hub for crypto businesses. Building on its wide offering, which represents the highest concentration of web3 and blockchain businesses in the region, Enya Labs will be able to tap into a growing community of early-stage startups based in DMCC. 

Standing at over 550 members, the DMCC Crypto Centre is an ideal destination for Enya Labs to onboard new companies to join and support the growth of Boba Network. 

With Boba Network already making inroads in key Asian markets like Japan and South Korea, the trading platform is also billed to benefit from this expansion into the UAE. Overall, Enya Labs believes that the MENA region has the potential to become one of the global leaders in the Web3 industry, driven by its government and technologically savvy communities.

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