Gate Ventures, the venture capital arm of cryptocurrency exchange Gate.io, has teamed up with the Abu Dhabi Blockchain Center to launch Falcon Gate Ventures, a $100 million fund aimed at supporting Web3 innovation. This initiative seeks to stimulate global Web3 growth and establish the United Arab Emirates as a leading hub for the digital economy.
Fund to Support High-Potential Projects
The primary goal of Falcon Gate Ventures is to empower Web3 builders who are reshaping the digital landscape. A joint statement from both organizations highlights their commitment to leveraging their expertise and resources to assist young developers in key regions, including North America, Asia, Europe, and the MENA region. The fund focuses on high-potential projects with a keen interest in technical breakthroughs.
In addition to fostering innovation, the fund aims to enhance the global Web3 ecosystem and reinforce the UAE's position as a digital economy leader. Falcon Gate Ventures plans to work closely with regulators to create frameworks that ensure user protection while encouraging innovation.
Abdulla Al Dhaheri, CEO of the Abu Dhabi Blockchain Center, expressed enthusiasm about the partnership, noting its potential to bring valuable blockchain and digital asset expertise. He stated, âWe believe that together, we can create a powerful synergy that will drive forward our mission to support and scale high-potential blockchain projects.â
Kevin Yang, Managing Partner at Gate Ventures, echoed these sentiments, calling the collaboration with the Blockchain Center a significant step toward advancing blockchain innovation.
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Image Credits: Shutterstock, Pixabay, Wiki Commons, Jithesh Sundar / Shutterstock.com
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