Through the partnership, companies will have access to a funding program and assistance with company development, technology, and marketing.
A memorandum of understanding (MOU) was struck by the HBAR Foundation and RAK Digital Assets Oasis (RAK DAO), a free zone based in the UAE that caters to cryptocurrency businesses, to promote the ecosystem’s participants. This partnership seeks to offer support and materials for utilizing the Hedera blockchain.
His Majesty According to Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of RAK DAO, the alliance with the HBAR Foundation would promote the ecosystem’s long-term expansion. The objective is to make the UAE emirate of Ras Al Khaimah a world leader in the digital economy. He said:
“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across sectors, and paving the way for synergistic relationships to flourish.”
According to the announcement of the agreement, businesses within the ecosystem will have access to a comprehensive grant program and expert assistance in fields including technology, marketing, and business development. Scaling up acceptance of novel concepts in the Web3 area is the main goal.
Along with the funding program, RAK DAO and the HBAR Foundation intend to launch a number of other projects, such as startup pitching events and collaborative efforts like venture studios or accelerators. These measures will help the crypto industry continue to expand and evolve.
The creation of RAK DAO is a component of the UAE’s larger initiatives to assist cryptocurrency enterprises. It provides a special free-trade zone inside the nation intended just for Web3 businesses. This arrangement enables business owners to fully control their organizations while taking advantage of the special tax policies and regulatory frameworks offered by the free zone.
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Through RAK DAO, the emirates of Ras Al Khaimah earlier declared their support for cutting-edge technologies including the blockchain, metaverse, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), decentralized apps (DApps), and other crypto-related enterprises. The ecosystem’s capabilities are strengthened, and its status as a center for cryptocurrency innovation and development is improved by its most recent partnership with the HBAR Foundation.