Gate Ventures, the venture capital arm of Gate.io Exchange, has collaborated with Abu Dhabi Blockchain Center to launch Falcon Gate, a $100 million Web3 innovation fund, according to a statement shared with CryptoSlate.
The fund aims to support the global Web3 sector, focusing on reach, economic impact and regulatory commitment.
Falcon Gate
Falcon Gate aims to support high-potential projects in the Middle East, Asia, the US and other regions, with the aim of driving growth in the global Web3 ecosystem and driving economic development in the sector.
In addition, Falcon Gate will work with international regulators to create frameworks that encourage innovation while protecting users.
Furthermore, the initiative will leverage the resources of both parties to promote blockchain innovation. This includes developing blockchain solutions, supporting education and research, and promoting cross-border collaborations.
Blockchain Center emphasized that the partnership aligns with its mission to support promising blockchain projects. According to the CEO’s statement:
“Gate Ventures shares our commitment to advancing cutting-edge technologies, and with their global network and insights, we are confident that this partnership will accelerate the adoption and impact of blockchain innovations both in the UAE and internationally.”
Kevin Yang, Managing Partner of Gate Ventures, described the partnership as an investment in the digital future. He noted that it aligns with Gate Ventures’ mission to advance global blockchain innovation.
Pro-crypto
This venture supports the UAE’s ambition to lead the digital economy, strengthening its role as a hub for blockchain innovation. In recent years, the UAE has become one preferred destination for crypto companies looking for supportive investors and regulators.
Earlier this month, Ripple announced plans to drive blockchain adoption in the Middle East by partnering with the Dubai International Financial Center (DIFC) Innovation Hub.
More recently, a court in Dubai ruled that crypto payments for salaries under employment contracts are legally valid, marking an important step forward in the region’s crypto-friendly approach.