Gate.io and Abu Dhabi Forge a $100M Pathway to Web3 Innovation

Gate.io, through its venture capital subsidiary, Gate Ventures, has aligned with the Blockchain Center in Abu Dhabi to introduce a formidable $100 million fund aimed at propelling the evolution of Web3 technologies. This groundbreaking initiative, revealed on August 19, heralds the inception of Falcon Gate Ventures, a collaborative effort poised to champion the next wave of decentralized innovations.

The newly established fund aspires to fortify decentralized infrastructures and applications, catalyzing the integration of avant-garde technologies within the global digital landscape. By merging their deep-seated expertise and expansive resources, these entities will concentrate on nurturing talent across pivotal regions, including the United States, Asia, Europe, and the MENA (Middle East and North Africa) territories.

Scaling the Pinnacle of Blockchain Potential in Abu Dhabi

Abdulla Al Dhaheri, the visionary CEO of the Blockchain Center in Abu Dhabi, emphasized that this collaboration is meticulously designed to incubate and amplify blockchain projects teeming with potential. Al Dhaheri articulated that Gate Ventures shares a fervent commitment to accelerating the global reach and impact of blockchain innovations, both within the UAE and across the world.

The Blockchain Center in Abu Dhabi, which was formally inaugurated on August 1, signifies a monumental leap in the region’s dedication to blockchain advancement. The center is steadfast in its mission to position Abu Dhabi as a vanguard of blockchain technology, fostering an ecosystem that seamlessly integrates academic institutions, enterprises, and startups through a robust array of initiatives and services.

Kevin Yang, the managing partner of Gate Ventures, affirmed that this partnership is a strategic investment in the digital frontier, aiming to advance blockchain innovation on a global scale. This initiative is not merely about innovation; it’s about sculpting the future of digital ecosystems.

Also, read – Chaos Labs Secures $55M in Funding as On-Chain Risk Management Gains Traction

UAE’s Continued Embrace of Digital Asset Integration

Beyond the realms of blockchain innovation, the United Arab Emirates is progressively integrating digital assets into its traditional financial sectors, with a particular focus on banking and employee remuneration.

Ras Al Khaimah Bank Ventures into Digital Asset Management

On August 19, the National Bank of Ras Al Khaimah (RAKBANK) disclosed its alliance with Bitpanda Technology Solutions, a prominent crypto infrastructure provider, to forge a digital asset management platform tailored for UAE residents. This ambitious project, while promising, remains contingent upon the approval of the Central Bank of the United Arab Emirates (CBUAE).

Dubai Court Acknowledges Cryptocurrency as a Valid Form of Salary

In a landmark legal precedent, the Dubai Court of First Instance, in case number 1739 of 2024, ruled in favor of an employee demanding their salary in cryptocurrency, as stipulated by their employment contract. This ruling, detailed by UAE lawyer Irina Heaver on August 16, underscores a transformative shift in the UAE judiciary’s approach to cryptocurrency, setting the stage for broader acceptance of digital assets within the nation’s legal and economic frameworks.