February 8, 2024

Deus X Capital, Bridgetower Capital Establish $250 Mln-Crypto Platform in Abu Dhabi

Crypto in UAE

Crypto in UAE

Deus X Capital and Bridgetower Capital, two private equity firms, will launch a new crypto infrastructure platform worth $250 million, offering digital asset services like crypto staking and investing to institutional investors in the Middle East.

The new entity, named Bridgetower Middle East, will be headquartered in the Abu Dhabi Global Market, a free economic zone within the United Arab Emirates capital.

Tim Grant, CEO of Deus X, and Cory Pugh, CEO of Bridgetower, will lead the initiative, according to a joint statement released on February 8.

In an interview with Cointelegraph, Grant mentioned that the project’s main objective is to create an infrastructure to meet the rising demand for turnkey staking and graphical processing units (GPUs) computing powered by artificial intelligence (AI) in the Middle East.

According to Grant, [Bridgetower ME] will serve as a launchpad to support a wide range of institutional clients looking to leverage new technologies in a scalable, compliant, and cost-effective manner.

The new entity will offer institutional staking nodes and advanced data center capabilities with AI GPUs, Web3 commerce, and private equity incubation services.

Bridgetower CEO Pugh said the newly formed entity will bring more substantial assets besides the self-funded $250 million already under depository. The CEO also expressed confidence in the region’s regulatory environment, which has created a strong roadmap for ethical and legal business operations. Both parties have committed to investing in the UAE’s digital asset ecosystem and are exploring public listing options on the Abu Dhabi Stock Exchange (ADX).

Deus X is a specialist investment and operating firm that recently led a $5.5 million funding round for Web3 gaming firm Saltwater Games. On the other hand, Bridgetower is a digital asset infrastructure provider and private investment equity firm that partnered with the Solana Foundation to form a $20 million fund to develop the blockchain network in the European Union, the United Kingdom, and Switzerland.

The UAE is positioning itself as a global digital asset hub, attracting international players to shop locally in Abu Dhabi and Dubai.

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