Sigma Capital, an early stage venture firm, has unveiled a $100 million fund focused on Web3 startups.
The Dubai-based company is trying to capitalize on the United Arab Emirates’ (UAE) reputation as a crypto hub, according to an emailed statement on Tuesday.
The fund will focus on decentralized finance (DeFi), tokenization and blockchain infrastructure by managing a portfolio of liquid tokens.
Dubai has been jockeying for position as a global crypto hub alongside the likes of Singapore and Hong Kong, which it has strived to achieve by offering reasonably clear regulations. This has seen major crypto exchanges such as Binance, Crypto.com and OKX gain approvals there in the last year.
Read more: MANTRA Blockchain to tokenize $1bn in real world assets for UAE-based real estate firm DAMAC