Gate.io’s venture capital arm, Gate Ventures, has teamed up with the Blockchain Center in Abu Dhabi to announce a $100 million fund dedicated to driving innovation for Web3.
On Aug. 19, Gate.io unveiled Falcon Gate Ventures, the joint venture supporting Web3 builders. The exchange’s venture arm said the fund is designed to “advance decentralized infrastructure and applications and accelerate the adoption of pioneering technologies."
The two organizations will pool their expertise and resources to help talent from key areas like the United States, Asia, Europe and the Middle East and North Africa (MENA) region.
Abu Dhabi blockchain center to scale high-potential projects
Abdulla Al Dhaheri, the CEO of the Blockchain Center in Abu Dhabi, said the collaboration aims to foster and scale “high-potential” blockchain projects. The executive said Gate Ventures shares their commitment to accelerating the adoption and impact of blockchain innovation in the UAE and worldwide.
The Blockchain Center in Abu Dhabi was officially unveiled on Aug. 1, marking a milestone in the region’s commitment to blockchain innovation. The organization aims to establish Abu Dhabi as a global leader in blockchain and create an ecosystem that supports academic institutions, enterprises and startups through initiatives and comprehensive services.
Gate Ventures managing partner Kevin Yang said that with the partnership, they are “investing in the digital future” and will advance blockchain innovation across the globe.
In addition to driving blockchain innovation, the UAE continues adopting digital assets within its traditional banking sector and employee salary payments.
Ras Al Khaimah bank dives into digital asset management
On Aug. 19, the National Bank of Ras Al Khaimah (RAKBANK) announced a partnership with crypto infrastructure provider Bitpanda Technology Solutions to create a digital asset management platform for UAE residents.
While the team announced the joint effort, the project still requires approval from the Central Bank of the United Arab Emirates (CBUAE).
Dubai court recognizes crypto as salary
On Aug. 16, UAE lawyer Irina Heaver explained that a ruling in case number 1739 of 2024 signaled a shift in the UAE’s judiciary approach to crypto. In the case, the Dubai Court of First Instance ruled in favor of an employee who sued an employer to receive their salary in crypto, as stipulated in their employment contract.
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