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Middle East-Based Sigma Capital Unveils $100M Fund to Accelerate Web3 Innovations
The fund will focus on DeFi, tokenization, and blockchain infrastructure by managing a portfolio of liquid tokens
What to know:
- Sigma Capital, an early-stage venture firm, has unveiled a $100 million fund which will be focused on Web3 startups.
- The Dubai-based company is attempting to capitalize on the United Arab Emirates' reputation as a crypto hub.
Sigma Capital, an early-stage venture firm, has unveiled a $100 million fund focused on Web3 startups.
The Dubai-based company is attempting to capitalize on the United Arab Emirates' (UAE) reputation as a crypto hub, according to an emailed announcement on Tuesday.
STORY CONTINUES BELOW
The fund will focus on decentralized finance (DeFi), tokenization and blockchain infrastructure by managing a portfolio of liquid tokens.
Dubai has been jostling for the position of being a global crypto hub along with the likes of Singapore and Hong Kong, which it has strived to achieve through offering reasonably clear regulations. This has seen major crypto exchanges such as Binance, Crypto.com and OKX win approvals there in the last year.
Read More: MANTRA Blockchain to Tokenize $1B of Real-World Assets for UAE-Based Property Firm DAMAC
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
