Gate Ventures & Abu Dhabi Blockchain Center Launch $100M Fund to Boost Web3 Innovation

Key Takeaways

•  The fund aims to support the development of decentralized infrastructure and applications across key regions, including the Middle East, Asia, Europe, and the United States.
•  The CEO of the Blockchain Center in Abu Dhabi, said the collaboration aims to foster and scale “high-potential” blockchain projects. 

Gate Ventures, the venture capital arm of Gate.io, has partnered with the Blockchain Center in Abu Dhabi to announce the creation of Falcon Gate Ventures, a $100 million fund dedicated to fostering innovation in Web3 technologies. The fund, unveiled on August 19, aims to support the development of decentralized infrastructure and applications across key regions, including the Middle East, Asia, Europe, and the United States.

Abdulla Al Dhaheri, CEO of the Blockchain Center in Abu Dhabi, emphasized the strategic importance of the partnership: “Choosing Gate Ventures as our partner was a natural decision. Their deep industry expertise and innovative approach to investing align perfectly with our vision. Together, we aim to support and scale high-potential blockchain projects in the UAE and beyond.”

Kevin Yang, Managing Partner at Gate Ventures, highlighted the fund’s global outlook: “Falcon Gate Ventures marks a significant step in our mission to advance blockchain innovation worldwide. With this partnership, we are investing in the digital future and supporting transformative ideas across continents.”

The latest development comes amid UAE integrating digital assets into its financial infrastructure. On August 19, the National Bank of Ras Al Khaimah (RAKBANK) announced a collaboration with Bitpanda Technology Solutions to develop a digital asset management platform for UAE residents, pending regulatory approval.

On August 16, the Dubai Court of First Instance ruled in favor of an employee who sought to receive their salary in cryptocurrency, as outlined in their employment contract, reflecting a shift in the judiciary’s approach to digital assets.

The latest development comes amid UAE’s becoming a prominent crypto hub. As per reports released in April 2024, the average daily number of crypto traders in the UAE region surpassed 500,000 in February, marking a 51% year-on-year rise.

In March, the Dubai International Financial Centre (DIFC), among the largest financial hubs in the Middle East, Africa, and South Asia region, announced the enactment of its Digital Assets Law. The law changes previous contracts, obligations, securities, insolvency, damages, and personal property laws, amending them to account for the existence of digital assets.