Deus X, Bridgetower launches $250m digital asset venture in Middle East
Private equity firms Deus X Capital and Bridgetower Capital are set to launch a $250 million crypto infrastructure platform bringing crypto staking, investment and other digital asset services to institutional investors in the Middle East.
The new entity said Bridgetower Middle East will be led by the Abu Dhabi Global Market, a free economic zone in the UAE capital and led by Deus X and Bridgetower CEOs Tim Grant and Corey Pugh. Joint statement on February 8.
Speaking to Cointelegraph, Grant explained that he aims to develop infrastructure to meet the demand for turnkey staking and artificial intelligence (AI) graphical processing units (GPUs) computing in the Middle East.
“[Bridgetower ME] It serves as a launch pad to support a wide range of institutional customers looking to leverage new technologies in a cost-efficient, compliant and cost-effective manner.
The new entity will host nodes in the region for institutional storage and offer advanced data center capabilities with AI GPUs, Web3 trading and private equity leverage services.
Meanwhile, Pugh said in a statement that they will bring additional “significant assets” to the newly formed entity on top of the $250 million in self-funded assets.
“We believe [regional regulators] They have created a strong roadmap for companies that want to operate their businesses in a highly ethical and legal manner, which instills confidence in others who want to operate in the region,” Bridge Tower CEO told Cointelegraph.
Both parties expressed their commitment to invest in the UAE's digital asset ecosystem and explore options for a public listing on the Abu Dhabi Stock Exchange (ADX).
Related: Binance, crypto companies optimistic about UAE amid US regulatory change
Deus X is a unique investment and operating company launched in October 2023 with initial assets of $1 billion. He recently led a $5.5 million funding round for Web3 gaming company Saltwater Games. Meanwhile, digital asset infrastructure provider and private equity firm Bridgetower has teamed up with the Solana Foundation to establish a $20 million fund in 2021 to develop blockchain networks in the EU, UK and Switzerland.
The United Arab Emirates, which includes Abu Dhabi and Dubai, is positioning itself as a global hub for digital assets, attracting investments and international players to buy into the country.
In the year November 29, 2023 United States-based crypto company Paxus has received proof-of-principle in Abu Dhabi to issue stablecoins and run digital asset services. On the same day, Iota, an open-source blockchain developer, announced the launch of a $100 million distributed ledger technology foundation in the capital of the United Arab Emirates.
In the year Oct 30, 2023 Saudi Arabia's mega-city project NEOM has partnered with Web3 games developer and investment firm Animoka Brands to build Web3's enterprise service capabilities.
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