Gate Ventures, the venture capital arm of Gate.io, and the Blockchain Center in Abu Dhabi have unveiled Falcon Gate Ventures, a $100 million fund aiming to drive Web3 innovation in the coming years.
The fund is expected to be a big boost for Web3 in the Middle East and North Africa (MENA) region which drew $47.6 million worth of investments to 10 ventures in H1 2024 led by fintech and Web3 startups.
🇪🇬 NORTH AFRICA | Egypt Leads in Startup Funding in MENA region in July 2024, Led by Fintech and Web3 Startups
There was a 260% YoY increase in funding within the MENA region. The Web3 sector had $85 million invested in two startups.
The majority of investment went to… pic.twitter.com/jNxudByXIR
— BitKE (@BitcoinKE) August 15, 2024
Besides MENA, the fund will be supporting high-potential projects across the world with a targeted focus on technical breakthroughs in Asia, the U.S., and other key regions.
According to the partners, Falcon Gate Ventures is not only a financial commitment but a strategic endeavor bringing diversified resources to foster Web3 founders with global aspirations. Leveraging the extensive network and expertise of both Gate Ventures and the Blockchain Centre, Falcon Gate Ventures seeks to discover and support projects poised to shape the future of blockchain technology and digital assets.
“Falcon Gate Ventures marks a significant step in our mission to advance global blockchain innovation,” said Kevin Yang, Managing Partner at Gate Ventures.
“In partnership with the Blockchain Centre in Abu Dhabi, we are investing in the digital future, supporting transformative ideas across continents.”
According to Chainalysis, the Middle East & North Africa (MENA) has the sixth largest crypto economy of any region, with an estimated $389.8 billion in on-chain value received between July 2022 and June 2023. This represents nearly 7.2% of global transaction volume during the period studied.
🇲🇦🇪🇬🇩🇿🇹🇳 REPORT | MENA Region Responsible for 7.2% of Global Crypto Transaction Volume vs 2.3% for Sub-Saharan Africa, Says 2023 Chainalysis Report
According to Chainalysis, The Middle East & North Africa (MENA) has the sixth largest crypto economy of any region they studied in… pic.twitter.com/PUfksRlgCl
— BitKE (@BitcoinKE) September 30, 2023
MENA is also home to three of the top 30 countries in the Chainalysis crypto adoption study for 2023:
- Turkey (12)
- Morocco (20), and
- Iran (28)
In addition to Morocco, other African countries with substantial volumes from the region include:
- Egypt
- Algeria, and
- Tunisia
Meanwhile, the United Arab Emirates (UAE) has emerged as the region’s Web3 hub and accounts for a much higher share of crypto activity taking place, particularly on DeFi protocols.
According to Chainalysis. the country is also a global crypto hub, thanks to passing innovation-friendly regulatory frameworks that allow groundbreaking crypto platforms to develop with oversight that keeps consumers safe.
🇿🇦 🇦🇪REGULATION | South African Crypto Exchange, VALR, Makes Critical Step Towards Global Expansion Following Dubai Regulatory Approval
VARA is the sole authority regulating virtual assets across Dubai’s free zones and mainland, except within the jurisdiction of Dubai… pic.twitter.com/7NtN9mRbq9
— BitKE (@BitcoinKE) October 4, 2023
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About Gate Ventures
Gate Ventures is the venture capital arm of Gate.io, one of the world’s largest and most trusted cryptocurrency exchanges.
Specializing in early-stage investments in blockchain technology and digital assets, Gate Ventures drives innovation and growth across the global blockchain ecosystem.
Gate Ventures portfolio includes:
- AltLayer – A decentralized protocol that facilitates the launch of native and restaked rollups with both optimistic and zk rollup stacks.
- Wormhole – A decentralized protocol that facilitates the launch of native and restaked rollups with both optimistic and zk rollup stacks.
- Pyth Network – An oracle that publishes financial market data to multiple blockchains.
- Particle – A modular L1 powering chain abstraction and solving user and liquidity fragmentation through Universal Accounts.
- Fhenix – The first Fully Homomorphic Encryption (FHE) powered L2 to bring computation over encrypted data to Ethereum.
- Scroll – A zkEVM-based zkRollup on Ethereum that enables native compatibility for existing Ethereum applications and tools.
among others.
About the Blockchain Center in Abu Dhabi
The Blockchain Center in Abu Dhabi is at the forefront of the blockchain and digital asset industry, driving education, research, and innovation.
The vision of the blockchain center is to empower businesses, startups, and individuals through cutting edge blockchain technology and knowledge, contributing to Abu Dhabi’s position as a global tech leader.
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