Sigma Capital, an early-stage venture capital 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)’s reputation as a crypto hub, according to an emailed announcement on Tuesday.
The fund will focus on decentralized finance (DeFi), tokenization and blockchain infrastructure by managing a portfolio of liquid tokens.
Dubai is vying to become a global crypto hub, alongside Singapore and Hong Kong, which it has strived to achieve by offering reasonably clear regulations. This has allowed major cryptocurrency exchanges such as Binance, Crypto.com, and OKX to gain approvals there over the past year.
Read more: MANTRA Blockchain to tokenize $1 billion in real-world assets for UAE-based real estate company DAMAC
