Global Blockchain Technologies Corp (CSE: BLOC, OTC Pink: BLKCF) is making progress in Dubai as its subsidiary there has been licensed to develop software and blockchain tech within a free-trade zone, sending shares higher.
The Dubai multi commodities centre (DMCC) free trade zone authority is a government entity and the area is home to over 15,000 multi-national corporations with more than 60,000 employees from 170 countries.
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"We have made our relationships in this region a priority focus given the company's view that blockchain solutions are particularly relevant and sought after in this area," said chief financial officer at the Toronto-listed group Theo van der Linde.
"With the granting of this license, our presence in Dubai will expand as we drive solutions toward this new base of customers."
"..blockchain technology is uniquely suited to solving problems facing the commodities industry, the receipt of this license from the DMCC is regarded as a truly significant milestone," he added.
The Dubai subsidiary can now offer blockchain based infrastructure, middleware and other ancillary services to the DMCC Free Zone and customers throughout the Middle East.
Specific areas of interest include trade finance and supply chain solutions for commodities transactions, diamond trading, distributing renewable energy resources and developing a spot market for gold bullion trading, the company said.
DMCC was named the 'Global Free Zone of the Year' in 2017 by The Financial Times fDi Magazine, for the third year running and serves as a global marketplace for commodities to drive trade flows through Dubai and the region, it also noted.
Shares in Toronto shot up 15.15% to C$0.19.