According to Cointelegraph: Private equity firms Deus X Capital and Bridgetower Capital have announced the launch of a new $250 million digital asset venture in the Middle East. Named Bridgetower Middle East, this new venture aims to provide crypto staking, investment, and other digital services to institutional investors in the region.
The joint venture will be based in the Abu Dhabi Global Market, an economic free zone in the UAE capital. The CEOs of Deus X and Bridgetower, Tim Grant and Cory Pugh, respectively, will lead the new entity.
The initiative's aim, Grant says, is to establish an infrastructure geared towards meeting the region's demand for turnkey staking and artificial intelligence (AI) graphical processing units (GPUs). Bridgetower ME envisages supporting a breadth of institutional clients who seek to leverage new technologies in scalable, compliant, and cost-effective way.
On top of the initial $250 million self-funded assets under depository, Bridgetower ME will provide in-region institutional staking nodes and other advanced data center capabilities. Pugh further revealed plans to bring more significant assets to the new venture.
The two firms also plan to invest in the digital asset ecosystem in the UAE and explore potential listing on the Abu Dhabi Stock Exchange (ADX).
Deus X Capital is an investment and operating firm that launched in October 2023 with an initial $1 billion in assets. On the other hand, Bridgetower cooperated with the Solana Foundation in 2021 to establish a $20 million fund to further develop the blockchain network across Europe, the UK, and Switzerland.
The launch of Bridgetower Middle East reinforces the UAE's growing status as a global digital asset hub that continues to attract significant investment and international businesses.