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UAE venture capital firm launches $100 million fund for crypto projects

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UAE venture capital firm launches $100 million fund for crypto projects

A venture capital (VC) firm based in the United Arab Emirates (UAE) has just launched a $100 million seed fund for crypto projects.

United Arab Emirates (UAE)-based venture capital firm, Cypher Capital, recently announced that it has launched a $100 million seed fund with the goal of funding. for blockchain and cryptocurrency projects, specifically here projects DeFi, gamefi , and Metaverse.

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According to a report published by Unlock Media, the company is planning to engage in mentoring of operating businesses for projects funded by Cypher Capital. In addition, the company will also equip businesses with the tools they need to succeed.

Bijan Alizadeh, the founder of Cypher Capital, said that his company plans to invest in blockchain and cryptocurrency projects with an initial capital of 100 million USD and now has received support from investors. other venture capital.

“We look forward to collaborating and expanding the cryptocurrency ecosystem by working with visionary, talented innovators and other venture capital partners to create an inclusive blockchain community. , thereby promoting the development of the cryptocurrency ecosystem,” Alizadeh said.

Cypher Capital's managing partner, Vineet Budki, added that "Only projects in the decentralized finance (DeFi), Gamefi and Metaverse sectors are eligible for funding."

However, Budki also revealed “The company will also consider supporting other crypto projects, as long as it is potential.”

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