Gate Ventures, the venture capital arm of the exchange Gate.io, has established an alliance with the Blockchain Center in Abu Dabi to launch a $100 million fund aimed at boosting innovation in the Web3 space. On August 19, Gate.io unveiled Falcon Gate Ventures, the joint initiative designed to support Web3 developers.
According to the platform’s venture arm, this fund aims to “enhance infrastructure and decentralized applications, as well as accelerate the adoption of innovative technologies.” Both entities will combine their expertise and resources to offer support to talents in key areas such as the United States, Asia, Europe, and the Middle East and North Africa (MENA) region.
Abu Dhabi Blockchain Center to Boost Outstanding Projects
Abdulla Al Dhaheri, CEO of the Blockchain Center in Abu Dhabi, highlighted that this collaboration has the mission to promote and expand blockchain projects with “great potential”. The executive emphasized that Gate Ventures shares their commitment to accelerating adoption and the impact of innovation in blockchain both in the UAE and globally.
The Blockchain Center in Abu Dhabi was officially inaugurated on August 1, marking a milestone in the region’s commitment to innovation in the blockchain sector. The organization aims to position Abu Dhabi as a world leader in blockchain by creating an ecosystem that supports academic institutions, companies, and startups through comprehensive services and programs.
Kevin Yang, managing partner at Gate Ventures, stated that through this partnership, they are “betting on the digital future” and will advance blockchain innovation on a global scale. In addition to fostering blockchain innovation, the UAE continues to integrate digital assets into its traditional banking sector and employee salary management.
RAK BANK VENTURES INTO DIGITAL ASSET MANAGEMENT
On August 19, the National Bank of Ras Al Khaimah (RAKBANK) announced an alliance with Bitpanda Technology Solutions, a crypto infrastructure provider, to develop a digital asset management platform aimed at UAE residents. Despite the announcement of this joint effort, the project is still pending approval from the Central Bank of the United Arab Emirates (CBUAE).
On August 16, UAE lawyer Irina Heaver explained that a recent ruling in case number 1739 of 2024 reflected a significant shift in the UAE judicial system’s stance towards cryptocurrencies. In this case, the Dubai Court of First Instance ruled in favor of an employee who sued his employer demanding payment of his salary in cryptocurrencies, as stipulated in his employment contract.
Clarification: The information and opinions expressed in this article do not necessarily reflect the views or editorial line of Cointelegraph. The data presented should not be interpreted as financial advice or investment recommendation. All investment and commercial transactions carry risks, and it is each person’s responsibility to conduct their own research before making investment decisions.
Investments in crypto assets are not regulated. They may not be suitable for retail investors, and there is the possibility of losing the entire invested capital. The products or services mentioned are not directed nor available to investors in Spain.
