Deus X Capital and Bridgetower Capital Introduce $250M Crypto Platform in Middle East
Summary:
Private equity firms Deus X Capital and Bridgetower Capital are initiating a $250 million cryptocurrency infrastructure platform, Bridgetower Middle East, to provide digital asset services like staking and investing to institutional investors in the Middle East. The platform will also offer AI GPUs, Web3 commerce and private equity incubation services. Both firms are committed to investing in the Middle East's digital asset ecosystem and are considering public listing options on the Abu Dhabi Stock Exchange.
Deus X Capital and Bridgetower Capital, two private equity companies, are preparing to unveil a new $250 million platform for cryptocurrency infrastructure. This move will introduce services related to digital assets such as crypto staking and investing to institutional investors within the Middle East. This fresh establishment, baptized Bridgetower Middle East, will set its foundation in the Abu Dhabi Global Market, which exists as a free economic sector in the United Arab Emirates's capital. Leading the initiative will be CEOs of Deus X and Bridgetower, Tim Grant and Cory Pugh respectively, as the joint statement on February 8 indicated.
Grant offered an explanation in his conversation with Cointelegraph, highlighting the project's goal of creating an appropriate infrastructure to accommodate the high demand for AI GPU computing and plug-and-play staking in the Middle East. "Bridgetower ME's purpose is to offer a launchpad, assisting a broad range of institutional clients intent on exploiting new technologies while maintaining scalability, cost-effectiveness, and compliance," he added.
In addition to hosting regional nodes for institutional staking, this entity will offer AI GPUs, Web3 sales, and incubation resources for private equity, along with advanced data center capabilities. Pugh mentioned their plan to provide substantial assets beyond the initial self-funded $250 million under depository to this entity in his public statement. "Our belief is that the regional regulators have paved a solid path for businesses with a desire to conduct operations in the utmost ethical and legal manner, which has, in turn, fostered confidence in others eyeing the region for operation," the CEO of Bridgetower informed Cointelegraph.
Both parties demonstrated their agreement to commit investments to the UAE's digital asset ecosystem and potentially consider public listing options on the Abu Dhabi Stock Exchange (ADX). Deus X is an investment and operative firm specializing in its field, which was established in October 2023 with an initial assets value of $1 billion. Recently, it spearheaded a funding round amounting to $5.5 million for Web3 gaming company Saltwater Games. In 2021, Bridgetower, a digital asset infrastructure provider and private investment equity company, formed a partnership with the Solana Foundation to create a $20 million fund to advance the blockchain network across Switzerland, the UK, and the EU.
The wider Middle East region, along with the UAE, featuring Abu Dhabi and Dubai, has been configuring itself into a global hub for digital assets, inviting international participants and investment. Cryptocurrency firm Paxos, based in the United States, on Nov. 29, received preliminary approval in Abu Dhabi to provide stablecoin issuance and digital asset services. Concurrently, Iota, an open-source blockchain developer, declared its $100 million-backed launch of a DLT foundation in UAE's capital. Saudi Arabia's NEOM project collaborated on Oct. 30 with investment firm and Web3 game developer Animoca Brands to build Web3 enterprise service capabilities.
Published At
2/8/2024 8:40:16 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.