Dubai has aided the development of the cryptocurrency market by putting in place strict rules, which have drawn domestic Web3 and crypto organizations as well as established companies that are now utilizing novel technologies like NFTs, cryptocurrencies, and the metaverse.
A new project to encourage the development of Web3 technologies has been unveiled by Abu Dhabi-based IT startup Hub71. It will give Web3 entrepreneurs access to funding, partnerships, and programs. A $2 billion fund for qualified entrepreneurs is part of the "Hub71+ Digital Assets" project, which has significantly boosted the cryptocurrency sector.
Partnership of Chinese Businesses
The Conflux Network, a blockchain-based SIM card company, and China Telecom collaborated to build the BSIM, a blockchain-based SIM card.
This new gadget will give users a safe way to keep private keys and will make use of the built-in capabilities of the SIM to validate digital transactions. This development is thought to be another another important element that has benefited the bitcoin sector.