Gate Ventures and Blockchain Center Partner for $100M Web3 Fund

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Hassan Shittu

Journalist

Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…

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Last updated:

August 18, 2024 22:45 EDT

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Gate Ventures, the venture capital arm of Gate.io, joined forces with Abu Dhabi’s Blockchain Center on August 19 to announce Falcon Gate Ventures.

This new $100 million fund is dedicated to accelerating the adoption of Web3 technologies across key regions. It will provide crucial support to developing blockchain projects and advance decentralized infrastructure.

Falcon Gate Ventures: A $100M Investment in Web3

Falcon Gate Ventures represents a major commitment to nurturing the Web3 ecosystem. The fund will prioritize high-potential global projects, focusing on those spearheading technical breakthroughs in regions like the Middle East, Asia, and the United States.

With their combined expertise in the digital economy, Gate Ventures and the Blockchain Center are committed to driving blockchain innovation and adoption.

This initiative aligns with the UAE’s ambition to become a global leader in the blockchain space. It seeks to stimulate economic growth within the Web3 ecosystem and solidify the nation’s position as a central hub for blockchain innovation.

This will be achieved by attracting international talent and collaborating with regulatory authorities to develop frameworks that foster both innovation and user protection.

Kevin Yang, Managing Partner at Gate Ventures, emphasized, “Falcon Gate Ventures is a significant step in our mission to advance global blockchain innovation. We are investing in the digital future, supporting transformative ideas across continents.”

Abdulla Al Dhaheri, CEO of the Blockchain Center in Abu Dhabi, added, “Their [Gate Venture’s] deep industry expertise and innovative approach to investing aligns perfectly with our vision.” He expressed confidence in the partnership’s ability to effectively support and scale promising blockchain projects both within the UAE and internationally.

Cultivating a Global Blockchain Hub

Launched on August 1st, the Blockchain Center in Abu Dhabi is dedicated to establishing the city as a global leader in blockchain technology. Its mission is to cultivate a thriving ecosystem that empowers academic institutions, enterprises, and startups through various initiatives and services.

This strategic partnership is expected to further accelerate the advancement of decentralized technologies and foster crucial cross-border collaboration within the sector.

The UAE’s commitment to this vision is evident in the recent surge in digital asset adoption within its traditional banking sectors, including legal provisions for employee salaries to be paid in cryptocurrency.

Falcon Gate Ventures is set to play a pivotal role in shaping the future of blockchain technology and Web3. By providing financial resources, technical expertise, and strategic guidance to emerging projects and startups, the initiative has the potential to significantly impact the global landscape of blockchain technology and digital assets.