GenomeFi, a specialized Web3 platform providing Decentralized Identity (DID) services based on individual genetic characteristics using NFTs, has announced the acquisition of a business incorporation and a free zone license within the Dubai Multi Commodities Center (DMCC) in Dubai, United Arab Emirates (UAE) on the 18th.
Using AI technology, GenomeFi facilitates genetic information-based NFTs to provide identity verification services reflecting individual genetic characteristics. It aims to expand the ecosystem where DID services and genomic information are available across the spectrum, from genomics to biotechnology. GenomeFi also seeks to establish an incentive system using blockchain technology and encourage mass adoption of genomic content.
DMCC, the largest free zone in the UAE located in the Almas Tower, Jumeirah Lakes, is a Dubai government agency established by the UAE Ministry of Economy to operate as a free economic trade zone. As an institution managed by the Dubai government, DMCC actively attracts various global companies in AI, biotech, blockchain fields, and more for ecosystem expansion. Global exchanges like Binance, BYBIT, and major Web3 platform companies are also stationed in DMCC.
With acquiring the DMCC license, GenomeFi plans to intensify its business expansion in Dubai, based on networking and cooperative relationships with DMCC member companies. In addition to collaborating with Web3 companies in Dubai, GenomeFi will focus on realizing a proof-of-concept business model that bridges the blockchain and medical industries through collaboration with genome-based medical centers.
With AI, biotech, and blockchain emerging as industries of investment interest for the Dubai government in anticipation of the post-fossil fuel era, GenomeFi’s Dubai business expansion focused on popularizing genome science using AI and Web3 is expected to gain momentum.
Jimmy Choi, CEO of GenomeFi, stated, “Acquiring the DMCC license will strengthen our position in the Middle Eastern market based on Dubai and lay the groundwork for expanding our partners. We are preparing to conduct collaborative projects in various parts including investment, marketing, medical, on-chain, and community.”