Gate Ventures, the venture capital branch of Gate.io, has partnered with the Blockchain Center in Abu Dhabi to establish a $100 million fund dedicated to advancing Web3 innovation in the US, Asia, Europe and the MENA region.
On August 19, Gate.io announced the establishment of Falcon Gate Ventures, a joint venture that assists Web3 developers.
The fund is intended to “accelerate the adoption of pioneering technologies and advance decentralized infrastructure and applications,” according to the exchange’s venture arm.
The two organizations will combine their resources and expertise to assist talent from critical regions such as the United States, Asia, Europe, the Middle East, and North Africa (MENA).
Abu Dhabi Blockchain Center to scale-up of high-potential initiatives
According to Abdulla Al Dhaheri, the CEO of the Blockchain Center in Abu Dhabi, the partnership’s objective is to cultivate and expand “high-potential” blockchain initiatives. According to the executive, Gate Ventures is committed to expediting the adoption and impact of blockchain innovation in the UAE and globally.
The official unveiling of the Blockchain Center in Abu Dhabi on August 1 signified a significant milestone in the region’s dedication to blockchain innovation.
The organization’s objective is to establish Abu Dhabi as a global leader in blockchain and to establish an ecosystem that provides comprehensive services and initiatives to academic institutions, enterprises, and entrepreneurs.
The managing partner of Gate Ventures, Kevin Yang, stated that the partnership is an investment in the digital future that will facilitate blockchain innovation worldwide.
The UAE continues integrating digital assets into its traditional banking sector, including employee salary payments and fostering blockchain innovation.
Ras Al Khaimah Bank explores digital asset management
On August 19, the National Bank of Ras Al Khaimah (RAKBANK) announced a partnership with Bitpanda Technology Solutions, a provider of crypto infrastructure, to develop a digital asset management platform for UAE residents.
The initiative is still pending approval from the Central Bank of the United Arab Emirates (CBUAE) despite the team’s announcement of the joint effort.
The Dubai Court has acknowledged that cryptocurrency is a form of compensation.
Irina Heaver, a counsel in the UAE, stated on August 16 that the judiciary’s approach to crypto was altered by a ruling in case number 1739 of 2024.
The Dubai Court of First Instance ruled favouring an employee who filed a lawsuit against their employer to receive their salary in cryptocurrency, as outlined in their employment contract.
