UAE sovereign wealth fund subsidiary backs Blockchain venture fund

UAE sovereign wealth fund subsidiary backs Blockchain venture fund

UAE Mubadala Capital, a subsidiary of Mubadala Investment, sovereign wealth fund of Abu Dhabi UAE, has offered significant support and backing to RW3 Ventures, an early stage venture capital firm focused on Blockchain. RW3 announced $60 million in capita commitments.

In addition to the support of Mubadala, The Raptor Group, has also support RW3 Ventures.

Launched in 2021 in partnership with The Raptor Group, the family office of Jim Pallotta, RW3 Ventures supports early-stage companies building disruptive blockchain infrastructure and decentralized applications and protocols.

As per the press release, the firm takes a collaborative, hands-on approach to help founders in Web3 grow and scale their platforms. In addition to deploying capital, RW3 Ventures is uniquely positioned to help startups hire talent, build communities, and enhance their technical research and development capabilities.

The RW3 team boasts a significant level of operating and investing experience at some of the largest digital asset firms and financial institutions, and brings an extensive network of relationships throughout the blockchain ecosystem.

The team is led by, Pete Najarian, Founder and Managing Partner. Pete previously served as the Chief Revenue Officer of BitGo from 2019 to 2021, where he helped lead the company through its most dramatic period of growth. Prior to that, he served as a Senior Vice President- Institutions at Xapo, which was acquired by Coinbase in 2019. Pete also brings considerable traditional markets experience having served as global co-head of the emerging markets businesses for two of the world’s largest financial institutions.

Also involved is Joe Bruzzesi, Partner. Joe previously served as a Managing Director at BitGo from 2020 to 2022, where he oversaw the Americas division and led over $10 billion in transactions involving some of the largest crypto protocols, companies, and funds. Joe is also one of the earliest advisors to Avalanche.

Pete Najarian, Founder and Managing Partner of RW3 , stated,“Blockchain technology is fundamentally changing the way the world transacts and manages value, services, and data. While there are many talented founders in the industry with revolutionary ideas, most are in need of operational experience and support to drive their businesses forward. At RW3 we leverage our experience developing and scaling some of the largest crypto infrastructure firms to help our portfolio companies around the world meet their full potential. The combined networks of RW3 and Raptor are already proving to be unique and powerful in this space.”

“Pete and Joe’s disciplined, methodical, and institutional approach to the digital asset markets is based on their years of experience helping companies scale in growth markets and manage risk through volatility,” said Jim Pallotta. “Blockchain companies have the potential to be among the most valuable enterprises in the future, and we believe the best investment opportunities will present themselves over the next 36 months. I believe the RW3 team is exceptionally well-positioned to identify the most promising companies of tomorrow and help them grow.”

Fund I seeks to capitalize on RW3’s institutional approach, extensive network of blockchain ecosystem relationships, and differentiated operating model to bring transformative growth to its portfolio companies. The Fund targets opportunities from pre-seed through Series A and places an emphasis on teams that seek to utilize blockchain technology to disrupt real-world industries and business models with sizeable addressable markets. To date, the Fund has made several investments across blockchain protocols, decentralized infrastructure, fully homomorphic encryption, and gaming.

In the past Mubadala has supported and backed blockchain companies, such as Andalusia Labs, formerly known as RiskHarbor, which raised $48 million in a series A funding round and sets up its global headquarters in UAE Abu Dhabi in ADGM ( Abu Dhabi Global Market).

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE’s RAK Digital Assets Oasis (Ras Al Khaimah DAO), the world’s first and only free zone dedicated to global digital and virtual assets companies, and The HBAR Foundation have signed of a Memorandum of Understanding (MOU). The HBAR Foundation will support RAK DAO ecosystem members to leverage the power of blockchain and build economies and applications on Hedera, the most used enterprise-grade public network.

This marks RAK DAO’s first operational relationship, bringing together the expertise and resources of both companies to provide direct and streamlined access to benefits within the Hedera ecosystem. These include a comprehensive grant program, financial backing processes, specialized expert support across technology, marketing and business development, and support to scale adoption and innovation of new ideas in the Web3 space.

“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across sectors, and paving the way for synergistic relationships to flourish. Together, we are unlocking a world of new possibilities, empowering entrepreneurs, and propelling innovation forward,” says His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO. “This collaboration is a testament to our shared commitment to driving sustainable growth and shaping a future where Ras Al Khaimah emerges as a global leader in the digital economy.”

Together, RAK DAO and The HBAR Foundation will spearhead various initiatives in the Digital Assets Oasis ecosystem, including regular startup and scale-up pitching sessions, opportunities to connect with partners and investors, and explore avenues to launch joint projects such as venture studios or accelerators.

The HBAR Foundation grantees will also benefit from discounted set-up and licensing packages to establish themselves in RAK DAO, as well as access to effective banking solutions available to all members of the ecosystem. Both companies will work together dynamically to foster collaboration, fuel innovation, overcome barriers, and empower entrepreneurs in their journey to build the future of Web3 and blockchain technology.

“The United Arab Emirates has established itself as a dynamic hub for Web3 innovation, magnetizing global enterprises and top-tier talent. We eagerly anticipate joining forces to pioneer the future of the emerging technologies landscape,” says Shayne Higdon, CEO of the HBAR Foundation. “Through this exclusive relationship between The HBAR Foundation grantees and RAK DAO, we’re honored to provide grantees with greater access to the UAE whilst working together to establish RAK DAO as a major hub for the Web3 and digital assets sector.”

Global crypto exchange ByBit to support crypto businesses in Dubai’s DMCC

Global crypto exchange ByBit to support crypto businesses in Dubai’s DMCC

Global crypto exchange ByBit has partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit’s pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. To qualify for this opportunity, start-ups must successfully pass the standard compliance and due diligence checks required by DMCC.

Bybit will become the listing partner for the Crypto Centre, with the company providing dedicated support for crypto firms looking to list digital assets on one of the top global exchanges. Additionally, the partnership will bring Bybit Services to Crypto Centre members.

Bybit currently has its headquarters in Dubai UAE and boasts of 15 million users. Bybit will also participate in the DMCC Crypto Centre’s educational initiatives by delivering webinars and educational courses about the digital assets industry and emerging trends, centralized exchanges and their impact in shaping the Web3 industry. 

Ahmed Bin Sulayem, Executive Chairman and Chief Executive of DMCC, stated, “Dubai has truly cemented its position as a global hub for crypto and Web3, with the DMCC Crypto Centre boasting the highest concentration of crypto firms in the region. This status has only been bolstered by Bybit’s presence, so we are excited to have them on board as an official ecosystem partner. Thanks to Bybit’s industry-leading expertise and financial contribution, this partnership will accelerate the impact that Dubai’s game-changing crypto and Web3 businesses are having on the industry.”

 

Ben Zhou, Co-Founder and CEO of Bybit, added “Through the efforts of entities such as DMCC, Dubai has certainly become a global focal point for the crypto industry. The emirate is full of high-potential Web3 businesses, so we are proud to be working with DMCC to facilitate their success and continue the evolution of the crypto industry and global digital economy. By bringing our standard of transparency, listing and custodial expertise and services to Crypto Centre members, we can have a tangible impact on Dubai’s future as the crypto capital and deliver on our aim to be the world’s ‘Crypto Ark’.”