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Beam Ventures will launch in 2025, providing funding and acceleration for blockchain gaming startups in the United Arab Emirates.
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The Beam Foundation has disclosed plans for an upcoming venture fund in Abu Dhabi targeting blockchain gaming projects.
According to a Dec. 11 announcement, the fund will launch in the first half of 2025 and manage $150 million in capital backed by local investors.
The fund’s investment thesis is primarily focused on blockchain-based games and gaming infrastructure, but capital will also be deployed for startups working on solutions tied to artificial intelligence, augmented reality and user-generated content.
Along with funding, the new venture arm will provide an accelerator program for startups focusing on brand building, go-to-market planning and growth. On X, Beam’s chief strategy officer Mark Borsten said the project is currently waiting for regulatory approval to operate in Abu Dhabi:
“A few months ago, we went on a first exploration trip. Soon after, we shook hands with the best parties to make Beam Ventures happen. Today, we are finalizing the licensing process and can be more forward-facing with the fund and accelerator very soon.”
Beam uses blockchain technology to offer a sovereign network for gamer developers, allowing them to build games with assets ownership for players. About 20 games are currently featured on its platform.
After tough times during the crypto winter, the gaming industry has seen a comeback as cryptocurrency prices soared in 2024.
According to data compiled by DappRadar, the blockchain gaming sector gained a 28.2% market share in November, with an average of 6.8 million daily active wallets. Venture capital investments in startups reached $222 million.
Source: DappRadar
Abu Dhabi’s crypto strategy
Abu Dhabi has been actively developing a local Web3 ecosystem over the past few years through a combination of regulatory frameworks and investments, making it a crypto-friendly location that has attracted a growing number of startups.
A few crypto firms that established operations in Abu Dhabi during 2024 include options trading platform QCP Capital, venture firms Hashed Ventures and Laser Digital, along with market maker DWF Labs, to name a few.
In June, the Central Bank of the United Arab Emirates approved the issuance of a new stablecoin licensing and monitoring system for local companies.
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This article first appeared at Cointelegraph.com News
