- Purpose of Collaboration
- Development of Digital Assets and Blockchain
- Court Decisions on Crypto Payments
Gate Ventures and the Blockchain Center in Abu Dhabi have announced the launch of a $100 million fund aimed at supporting innovations in Web3. The partnership focuses on enhancing decentralized infrastructure and applications.
Purpose of Collaboration
On August 19, Gate.io unveiled Falcon Gate Ventures, the joint venture supporting Web3 builders. The fund is designed to advance decentralized infrastructure and applications and accelerate the adoption of pioneering technologies.
The two organizations will pool their resources to support talent from key regions such as the United States, Asia, Europe, and the Middle East and North Africa (MENA) region.
Development of Digital Assets and Blockchain
Abdulla Al Dhaheri, CEO of the Blockchain Center in Abu Dhabi, said the collaboration aims to foster and scale “high-potential” blockchain projects. The Blockchain Center in Abu Dhabi was officially unveiled on August 1, marking a significant step in the region's commitment to blockchain innovation.
The partnership aims to create an ecosystem that supports academic institutions, enterprises, and startups through initiatives and comprehensive services. Kevin Yang, Managing Partner at Gate Ventures, emphasized that the partnership allows them to 'invest in the digital future' and advance blockchain innovation globally.
Court Decisions on Crypto Payments
On August 19, the National Bank of Ras Al Khaimah (RAKBANK) announced a partnership with crypto infrastructure provider Bitpanda Technology Solutions to create a digital asset management platform for UAE residents. However, the project still requires approval from the Central Bank of the United Arab Emirates (CBUAE).
On August 16, UAE lawyer Irina Heaver explained that case number 1739 of 2024 signaled a shift in the UAE’s judiciary approach to crypto. In this case, the Dubai Court of First Instance ruled in favor of an employee who sued an employer to receive their salary in crypto, as stipulated in their employment contract.
The partnership between Gate Ventures and the Blockchain Center in Abu Dhabi is a significant step towards promoting innovations in Web3, decentralized infrastructure, and applications. Parallel to this, the integration of digital assets into traditional banking and legal systems in the UAE continues.
