Gateio and Abu Dhabi- New Partnership Aims to Transform Web3 Ecosystem
Gateio and Abu Dhabi– Gate.io’s venture capital arm, Gate Ventures, has partnered with the Blockchain Center in Abu Dhabi to launch a groundbreaking $100 million fund. Announced on August 19, this initiative, named Falcon Gate Ventures, is set to propel innovation within the Web3 space. The fund is designed to enhance decentralized infrastructure and applications while accelerating the adoption of cutting-edge technologies.
Global Reach: Supporting Web3 Builders Worldwide
The collaboration between Gate.io and the Blockchain Center will leverage their combined expertise to support talent from major regions, including the United States, Asia, Europe, and the MENA region. This global approach aims to foster a vibrant Web3 ecosystem by providing resources and support to high-potential blockchain projects.
Abu Dhabi’s Blockchain Center: Scaling High-Potential Projects
Abdulla Al Dhaheri, CEO of the Blockchain Center in Abu Dhabi, emphasized that this partnership is focused on scaling high-potential blockchain projects. The center, which officially launched on August 1, seeks to position Abu Dhabi as a global leader in blockchain innovation. By supporting academic institutions, enterprises, and startups, the center aims to build a robust blockchain ecosystem.
Gate Ventures Invests in the Digital Future
Kevin Yang, Managing Partner at Gate Ventures, highlighted that this new venture represents an investment in the digital future. The partnership is committed to advancing blockchain innovation on a global scale, reflecting the UAE’s broader trend of integrating digital assets into traditional financial systems and employee salary payments.
UAE’s Growing Embrace of Digital Assets
Ras Al Khaimah Bank Enters Digital Asset Management
On August 19, the National Bank of Ras Al Khaimah (RAKBANK) announced a collaboration with Bitpanda Technology Solutions to develop a digital asset management platform for UAE residents. This initiative is pending approval from the Central Bank of the United Arab Emirates (CBUAE) and represents a significant step in the UAE’s adoption of digital assets.
Dubai Court Ruling: Crypto as Salary
In a notable legal development, UAE lawyer Irina Heaver revealed that the Dubai Court of First Instance ruled in favor of an employee seeking to receive their salary in cryptocurrency. This ruling, from case number 1739 of 2024, marks a significant shift in the UAE’s judicial approach to digital currencies, underscoring the growing acceptance of crypto in the region.
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