Gate Ventures, the venture capital arm of Gate.io exchange, has partnered with the Abu Dhabi Blockchain Centre to launch Falcon Gate, a $100 million Web3 innovation fund, the firm announced in a statement shared with CryptoSlate.
The fund aims to support the global Web3 sector with a focus on outreach, economic impact and regulatory engagement.
Falcon Gate
Falcongate aims to support high potential projects in the Middle East, Asia, the US and other regions, stimulating the growth of the global Web3 ecosystem and fostering economic development in the sector.
Additionally, Falcon Gate is working with international regulators to create a framework that fosters innovation while protecting users.
Additionally, the initiative will leverage resources from both parties to advance blockchain innovation, including developing blockchain solutions, supporting education and research, and fostering cross-border collaboration.
The Blockchain Center emphasized that the partnership is in line with the company's mission of supporting high-potential blockchain projects.
“Gate Ventures shares our commitment to fostering cutting-edge technology, and with their global network and insights, we are confident that this partnership will accelerate the adoption and impact of blockchain innovation in the UAE and internationally.”
Gate Ventures Managing Partner Kevin Yang described the partnership as an investment in the digital future, saying it aligns with Gate Ventures' mission to drive global blockchain innovation.
Cryptocurrency advocate
The venture supports the UAE's ambitions to lead the digital economy and strengthens its role as a hub for blockchain innovation. In recent years, the UAE has become a preferred destination for cryptocurrency companies seeking supportive investors and regulators.
Earlier this month, Ripple announced plans to partner with the Dubai International Financial Centre (DIFC) Innovation Hub to boost blockchain adoption in the Middle East.
More recently, a Dubai court ruled that payment of salary in crypto under an employment contract is legally valid, marking a major step forward in the region's crypto-friendly approach.
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