Sheikh Mohammed bin Rashid Al Maktoum of Dubai has initiated a push to authorities to invest one billion dirhams ($275 million USD) into financial technology and blockchain acceleration within the country. The ambitious project aims to get Bitcoin and blockchain startups together to advance RD in Dubai by paying for flights and accommodation and support from the accelerator program.
Also read: Dubai Establishes Gov’t Backed ‘Blockchain Council’
Dubai To Accelerate Blockchain And Financial Technology
The news coming from the leader of Dubai and fellow colleagues marks a major step towards the country’s interest in blockchain technology and cryptocurrency solutions. The funding of 1 billion dirhams will bolster Dubai’s Future Accelerators project that aims to enhance local, regional and globally-emerging businesses.
Sheikh, along with the Prime Minister of Dubai, believe these efforts will strengthen an ongoing platform dedicated to the framework of global cooperation in the field of innovation.
Sheikh’s announcement details:
Under the directives of our leadership, we look forward to a new phase in the development of our national economy. Dubai Future Accelerators aims to continue the nascent investment culture