Private equity firms Deus X Capital and Bridgetower Capital are joining forces to introduce a groundbreaking $250 million crypto infrastructure platform, catering to institutional investors in the Middle East. The new venture, named Bridgetower Middle East, is poised to offer a range of crypto services, including staking, investing, and other digital asset solutions.
Bridgetower Middle East is set to be headquartered in the Abu Dhabi Global Market, a prominent free economic zone within the United Arab Emirates (UAE) capital. The collaborative effort will be led by Tim Grant and Cory Pugh, CEOs of Deus X and Bridgetower, respectively, as outlined in a joint statement released on February 8.
The primary objective of this initiative is to establish a robust infrastructure to meet the escalating demand for turnkey staking and artificial intelligence (AI) graphical processing units (GPUs) computing in the Middle East. The platform aims to provide institutional staking services with in-region nodes, along with cutting-edge data center capabilities featuring AI GPUs, Web3 commerce, and private equity incubation services.
Deus X Capital, a specialist investment and operating firm that commenced operations in October 2023 with an initial $1 billion in assets, has been actively involved in strategic investments. Recently, the firm spearheaded a $5.5 million funding round for Web3 gaming company Saltwater Games.
Bridgetower Capital, recognized as a digital asset infrastructure provider and private investment equity firm, previously collaborated with the Solana Foundation in 2021 to establish a $20 million fund dedicated to the development of the blockchain network in the European Union, the United Kingdom, and Switzerland.
The United Arab Emirates, particularly Abu Dhabi and Dubai, has been positioning itself as a global digital asset hub, attracting significant investments and international players. In a move that underlines the region’s commitment to embracing the crypto industry, Paxos, a United States-based crypto firm, secured in-principle approval in Abu Dhabi on November 29, 2023, to issue stablecoins and offer digital asset services.
Simultaneously, Iota, an open-source blockchain developer, unveiled plans to launch a $100 million-backed distributed ledger technology foundation in Abu Dhabi on the same day. Further contributing to the momentum, Saudi Arabia’s NEOM mega-city project entered into a partnership with Web3 games developer and investment firm Animoca Brands on October 30, 2023, to develop Web3 enterprise service capabilities. The collaborative efforts of Deus X Capital and Bridgetower Capital underscore the region’s commitment to becoming a key player in the global crypto landscape.
Digital Assets Desk