Singaporean Blockchain venture fund and Cardano accelerator, Adaverse, with offices in KSA, UAE, has strategically invested in Sorbet, a Saudi Arabian startup geared towards helping freelancers to manage and transact with clients. Sorbet uses Circle Payment services, better known as stablecoin USDC to help clients and freelancers carry out instant payments.
The investment, part of a $10 million initiative to foster venture-building in the region, aligns with the economic upswing projected for the region’s digital economy.
The MENA digital freelance market is currently values at $4 billion and while expected to grow it faces inefficient payments systems which according to the press release affects 40 million self employed workers.
Sorbet’s vision is to onboard all creatives onto web3 by removing the technical barriers traditionally associated with dApps. The tool leverages blockchain technology to provide a seamless payment solution using stablecoins.
Rami Djebari, co-founder of Sorbet, expressed enthusiasm about the partnership: “Receiving support from an experienced partner like Adaverse will accelerate our development and enhance our market strategy. This collaboration is a milestone in breaking down financial barriers and enabling limitless growth opportunities for professionals in the region.”
Sorbet Beta will further refine the freelancing experience by integrating project management tools and streamlined payment processes. As per Sorbet website, it charges 2.5% when clients send money to freelancers.
Vincent Li, founding partner at Adaverse, commented on the investment stating, “Sorbet exemplifies the potential of blockchain to enrich and enhance economic systems. We are excited about the potential Sorbet holds for economic upliftment in line with Saudi Vision 2030.”
The Sorbet Beta, launching this May, will introduce essential features to improve the freelancing experience. This suite of work tools will focus on streamlining project management, simplifying payment processes, and facilitating better client interactions, all designed to help freelancers transition smoothly into a more connected and efficient digital workspace.
In March 2024, Adaverse, signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond. Adaverse has also invested in Saudi Arabian Blockchain Insurtech startup TAKADAO, in addition to Nuqtah NFT marketplace.
