Private equity firms Deus X Capital and Bridgetower Capital are preparing to unveil a fresh $250 million crypto infrastructure platform, introducing crypto staking, investment, and other digital asset services tailored for institutional investors in the Middle East.
Dubbed Bridgetower Middle East, the new venture will be headquartered in the Abu Dhabi Global Market, a designated free economic zone within the capital of the United Arab Emirates (UAE).
It will be overseen by the CEOs of Deus X and Bridgetower, Tim Grant and Cory Pugh, respectively, as outlined in a joint statement released on February 8.
Grant elaborated on the initiative’s objectives in an interview with Cointelegraph, highlighting its mission to establish a robust infrastructure capable of meeting the region’s demand for turnkey staking and artificial intelligence (AI) graphical processing units (GPUs) computing. He stated:
“[Bridgetower ME] will serve as a launchpad to support a wide range of institutional clients who are looking to leverage new technologies in a scalable, compliant, and cost-effective manner.”
The new entity will deploy nodes locally for institutional staking and offer advanced data center capabilities, including AI GPUs, Web3 commerce, and private equity incubation services.
Pugh emphasised in the statement the intention to inject additional “substantial assets” into the newly formed entity, augmenting the self-funded $250 million worth of assets under management.
“We believe [regional regulators] have created a strong roadmap for companies willing to operate their businesses in the highest ethical and legal manner, which in turn has instilled confidence in others looking to operate in the region,” noted Pugh in conversation with Cointelegraph.
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Both parties affirmed their commitment to investing in the UAE’s digital asset ecosystem and exploring potential public listing options on the Abu Dhabi Stock Exchange (ADX).
Deus X, a specialist investment and operating firm established in October 2023 with initial assets of $1 billion, recently spearheaded a $5.5 million funding round for Web3 gaming firm Saltwater Games.
Meanwhile, Bridgetower, a digital asset infrastructure provider and private investment equity firm, collaborated with the Solana Foundation in 2021 to establish a $20 million fund aimed at developing the blockchain network across the European Union, the United Kingdom, and Switzerland.
The UAE, encompassing Abu Dhabi and Dubai, has positioned itself as a global digital asset hub, attracting investments and international players to establish a local presence.
Noteworthy developments include Paxos, a United States-based crypto firm, securing in-principle approval in Abu Dhabi on November 29, 2023, to issue stablecoins and offer digital asset services.
Concurrently, on the same day, Iota, an open-source blockchain developer, announced the launch of a $100 million-backed distributed ledger technology foundation in the UAE capital.
Moreover, on October 30, 2023, Saudi Arabia’s NEOM mega-city project joined forces with Web3 games developer and investment firm Animoca Brands to develop Web3 enterprise service capabilities.
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