Gate.io Launches $100M Funding to Boost Web3 Adoption

Gate.io, a major cryptocurrency exchange, and the Blockchain Center in Abu Dhabi have launched Falcon Gate Ventures, a $100 million fund to drive Web3 innovation. This fund will support startups, developers, projects on building decentralized applications (dApps), and other Web3 initiatives.

The duo will jointly support talent from the United States, Asia, Europe, the Middle East, and “other key regions” globally.

$100M Fund to Boost Web3

According to Gate.io’s announcement, the $100 million will support the adoption of blockchain innovations. By providing financial support, the crypto exchange wants to speed up the development and adoption of these technologies, making them more accessible for people to use.

Gate.io and its partner plan to maximize this fund by working with industry leaders, universities, and blockchain communities. These partnerships will foster the growth of new ideas, helping the Web3 ecosystem to expand.

Per the collaboration, the Blockchain Center’s CEO, Abdulla Al Dhaheri, said:

“Their deep industry expertise, combined with their innovative approach to investing, aligns perfectly with our vision at the Blockchain Center in Abu Dhabi. We believe that together, we can create a powerful synergy that will drive forward our mission to support and scale high-potential blockchain projects.”

By investing in these technologies, Gate.io aims to decentralize the Internet, making it decentralized, secure, and user-friendly. This move and other similar efforts could help Web3 become more widely used.

More Projects Promote Web3 Adoption

The recent move by Gate.io aligns with broader trends in the blockchain sector. In a similar development, the development team behind the layer-1 blockchain, Sui, announced a new partnership with Google Cloud earlier this year. The partnership targeted the integration of artificial intelligence (AI) and Web3 features into the Sui network.

Lately, a common way blockchain developers have been onboarding users into Web3 is through games. These projects have blended gaming mechanics with Web3 traits, allowing players to earn spendable tokens while they enjoy their gaming experience.