Gate Ventures partners with Abu Dhabi Blockchain Center for $100 million Web3 fund News โธ UAE โธ Investments
Gate Ventures partners with Abu Dhabi Blockchain Center for $100 million Web3 fund
The Falcon Gate fund reflects UAE's ambition to become a top crypto hub.
2 min read
Updated: Aug. 20, 2024 at 7:51 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Gate Ventures, the venture capital arm of Gate.io exchange, has partnered with Abu Dhabi’s Blockchain Center to launch Falcon Gate, a $100 million Web3 innovation fund, according to a statement shared with CryptoSlate.
The fund aims to support the global Web3 sector, focusing on outreach, economic impact, and regulatory commitment.
Falcon Gate
Falcon Gate aims to back high-potential projects in the Middle East, Asia, the US, and other regions, aiming to fuel growth in the global Web3 ecosystem and boost economic development in the sector.
Additionally, Falcon Gate will collaborate with international regulators to create frameworks that encourage innovation while safeguarding users.
Furthermore, the initiative will leverage resources from both parties to advance blockchain innovation. This includes developing blockchain solutions, supporting education and research, and fostering cross-border collaborations.
Blockchain Center emphasized that the partnership aligns with its mission to support high-potential blockchain projects. According to the CEO’s statement:
“Gate Ventures shares our commitment to fostering cutting-edge technologies, and with their global network and insights, we are confident that this partnership will accelerate the adoption and impact of blockchain innovations, both in the UAE and internationally.”
Kevin Yang, Managing Partner of Gate Ventures, described the partnership as an investment in the digital future. He noted that it aligns with Gate Ventures’ mission to advance global blockchain innovation.
Pro-crypto
This venture supports the UAE’s ambition to lead in the digital economy, reinforcing its role as a hub for blockchain innovation. In recent years, the UAE has become a preferred destination for crypto firms seeking supportive investors and regulators.
Earlier this month, Ripple announced plans to promote blockchain adoption in the Middle East by partnering with the Dubai International Financial Centre (DIFC) Innovation Hub.
More recently, a Dubai Court ruled that crypto payments for salaries under employment contracts are legally valid, marking a significant step forward in the region’s crypto-friendly approach.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.