Bridgewater Middle East launches digital asset operations in UAE, targeting institutional investors.
Abu Dhabi Global Markets (ADGM) has welcomed a new player to the free trade zone to revolutionize digital asset servicing in the United Arab Emirates (UAE) and the wider Gulf region.
Bridgetower Middle East will serve as a conduit for UAE-based businesses looking to transition to digital currencies and blockchain technology. Described as a $250 million funding platform, Bridgewater’s backers include venture capital players Deus X Capital and Bridgetower Capital.
Bridgetower Middle East is expected to achieve its key objectives through multiple offerings to institutional investors. First, the company will provide private equity support to startups interested in exploring blockchain, while also providing customized digital currency staking services to local businesses.
“Our goal is to attract partners to the region who can fuel the growth of digital assets,” said Cory Pugh, CEO of Bridgewater Capital. “While working with existing companies seeking to leverage the potential of digital assets to create a new and diverse financial ecosystem.”
Tim Grant, CEO of Deus X Capital, expressed optimism about the future of the ambitious project, citing regulatory clarity in the UAE. Grant highlights ADGM’s clear Web3 rules and track record of embracing blockchain-based projects as another indicator of the new company’s future success.
For all the advantages associated with doing business in the UAE, there are concerns associated with onboarding businesses to the platform. To address this issue, the company said it will focus on public-private partnerships as a “long-term strategy” while also engaging regularly with regulators to ensure full compliance.
“On the public side, we’ve been working closely with regulators to make sure we have the right structures in place, which allows for a smooth transition to the private market and has already opened a lot of doors,” Pugh said.
Other strategies the startup may adopt include the possibility of listing on the Abu Dhabi Stock Exchange (ADX) and other capitalization options.
UAE is a leading Web3 hub in the Middle East region.
The UAE is developing into a leading Web3 hub in the Middle East, with clear regulations and government-backed incentives for service providers.
Local administrators have established a strict regulatory framework in Abu Dhabi to keep pace with Dubai’s developments. Not wanting to be outdone, Ras Al Khaimah, one of the seven emirates of the United Arab Emirates, has unveiled a new trade zone supporting digital currencies, artificial intelligence, blockchain and metaverse.
“Ras Al Khaimah is committed to embracing new and emerging technology sectors and playing a leading role in national efforts to strengthen the UAE economy and promote sustainable growth in the region,” said Sheikh Mohammed bin Saud bin, Ruler of the city. Saqr al-Qasimi said in November. .
Watch: Blockchain Race in the Middle East
Are you new to blockchain? To learn more about blockchain technology, check out CoinGeek’s Blockchain for Beginners section, our ultimate resource guide.