The Blockchain Center in Abu Dhabi and Gate.io have joined forces to create Falcon Gate Ventures, a $100 million fund that will support new ideas in the Web3 space. A new company was announced on August 19 with the goal of helping and growing high-potential blockchain projects in the US, Asia, Europe, and the Middle East and North Africa (MENA).
Griffin Ventures’ managing partner, Kevin Yang, talked about how important this relationship was, saying that Falcon Gate Ventures is a big step toward investing in the future of digital technology. The fund will not only support new projects, but it will also work with foreign officials to create rules that encourage new ideas while also protecting users.
Along with the new fund, the UAE is also doing a lot to bring digital assets into traditional banking. Recently, the National Bank of Ras Al Khaimah (RAKBANK) stated that they will be working with Bitpanda Technology Solutions to make a tool for managing digital assets. This is subject to approval from the Central Bank of the UAE. Also, a court decision in Dubai not long ago said that salaries could be paid in cryptocurrency. This is part of a larger trend in the area to accept digital assets.
Falcon Gate Ventures wants to have a big effect on the Web3 scene around the world by funding projects that lead to new technologies and economic growth. The fund’s main goals are to build a skilled workforce and make the UAE an even bigger player in the digital economy by focusing on education and research.
