Gate Ventures and Abu Dhabi’s Blockchain Center Launch $100 Million Web3 Innovation Fund

Highlights:

• Gate.io and Blockchain Center launch $100M Falcon Gate Ventures fund.
• New fund to boost Web3 tech and global blockchain projects.
• UAE makes strides in integrating digital assets and blockchain.

Gate.io’s venture capital arm, Gate Ventures, has partnered with the Blockchain Center in Abu Dhabi to launch Falcon Gate Ventures, a $100 million fund to foster global Web3 innovation. 

🚀 Big news! @Gate_Ventures and @adbc_ae The Blockchain Center in Abu Dhabi have teamed up to launch Falcon Gate Ventures — a $100M fund fueling #blockchain innovation, research, and regulatory progress globally.
Learn more here👇https://t.co/dNQqgB82mi pic.twitter.com/bbGpqzukM0

— Gate.io (@gate_io) August 19, 2024

In a blog post on August 19, Gate.io detailed that the new initiative aims to advance decentralized infrastructure, support emerging blockchain projects, and boost the adoption of Web3 technologies in key regions such as the USA, Asia, Europe, and the MENA region. Beyond financial support, it will foster a collaborative environment that encourages cross-border partnerships for technological advancement.

Falcon Gate Ventures will also support educational and research initiatives in the blockchain field. The fund plans to invest in programs that develop a skilled workforce and promote global collaboration among industry experts. This effort aligns with the UAE’s broader aim of becoming a leading hub for digital innovation and blockchain technology.

Kevin Yang, Managing Partner at Gate Ventures, highlighted the fund’s key role in promoting global blockchain innovation. He called Falcon Gate Ventures a significant effort to support innovative projects and startups and shared his excitement about how the partnership could advance decentralized technologies. 

He stated:

“Falcon Gate Ventures marks a significant step in our mission to advance global blockchain innovation. In partnership with the Blockchain Center in Abu Dhabi, we are investing in the digital future, supporting transformative ideas across continents.”

Abu Dhabi Blockchain Center to Boost High-Potential Blockchain Projects

Abu Dhabi’s Blockchain Center officially launched on August 1. Its goal is to position Abu Dhabi as a global blockchain leader and build a vibrant ecosystem that supports academic institutions, businesses, and startups with diverse initiatives and services.

Abdulla Al Dhaheri, CEO of the Blockchain Center in Abu Dhabi, said the latest partnership aims to nurture and grow “high-potential” blockchain projects. He noted that Gate Ventures shares its goal of speeding up blockchain adoption and impact in the UAE and globally.

Further, he added:

“Their deep industry expertise, combined with their innovative approach to investing, aligns perfectly with our vision at the Blockchain Center in Abu Dhabi.”

Recent Developments in the UAE’s Crypto Landscape

In addition to advancing blockchain innovation, the UAE is also integrating digital assets into its traditional banking sector and employee salary payments. The Dubai Court of First Instance ruled that salary payments in crypto are legally valid under employment contracts.

Irina Heaver, a partner at UAE law firm NeosLegal, explained that the ruling in case number 1739 of 2024 reflects a shift from the court’s earlier position in 2023 when a similar claim was rejected due to the lack of precise valuation of the cryptocurrency involved.

Dubai Court confirms legality of crypto salaries. Case with EcoWatt Tokens ($EWT) sets precedent, aligning with UAE's progressive digital asset rules. This could drive broader crypto adoption in salary structures. Read more:… https://t.co/NHoa9CwjAQ #CryptoNews

— Voted.News (@VotedNews) August 16, 2024

Moreover, on August 19, the National Bank of Ras Al Khaimah (RAKBANK) announced a partnership with Bitpanda Technology Solutions. Together, they will develop a digital asset management platform for UAE residents. Although the team announced the joint effort, the project still needs approval from the Central Bank of the United Arab Emirates (CBUAE).