The Middle East region remains a central hub and area for Web3 and blockchain technologies. The region continues to play a huge role in these technologies adoption. The Middle East & Africa blockchain market is anticipated to increase from US$ 199.37 million in 2021 to US$ 7,615.09 million by 2028.
The massive adoption comes from numerous factors. These factors include widespread mobile and internet usage, a young population, rapid digital innovation, and a strong entrepreneurial spirit. These factors have all created an atmosphere that is favorable for the development of Web3 technology. As a result, an increasing number of people and companies are adopting decentralized technologies. Also, the favorable environment has led to the birth of many cutting-edge blockchain and cryptocurrency firms.
Top Middle Eastern Blockchain Firm
Below are the top blockchain firms in the Middle Eastern region:
NewTribe Capital
NewTribe Capital is a major Dubai-based venture capital firm. The Middle Eastern Blockchain Firm focuses on blockchain-oriented Web3 projects, particularly in the early stages of development. With an impressive portfolio comprising over 100 projects, some noteworthy investments by NewTribe Capital include NEAR Protocol, DeFi project, PAID Network, and a recent venture into SuiPad—an IDO&INO platform on the Sui blockchain.
Sharding Capital
Sharding Capital is an early-stage venture financing company that specializes in Web3 technology. The company stands out because it offers significant post-investment support and has solid ties in the Middle East.
The Dubai-based blockchain firm actively collaborates with funds, incubators, exchanges, and governmental organizations to direct the development of the emerging crypto economy in the region. By taking advantage of this unique position, Sharding Capital is able to support a varied portfolio on a worldwide scale as well as allow targeted market entrance and extensive exposure for its enterprises.
SoluLab
SoluLab Inc. is a trailblazer in the ongoing blockchain revolution. The company’s workforce has played a pivotal role in shaping the blockchain landscape in the Middle East. SoluLab is committed to delivering state-of-the-art services for small and large firms/businesses. As a pioneer in the realm of blockchain, SoluLab remains at the forefront of technological advancements, empowering businesses to leverage the potential of blockchain for driving innovation and realizing their objectives.
Sheesha Finance
Sheesha Finance is the first DeFi mutual fund located in Abu Dhabi. It offers a platform where users can hold and stake their tokens, earning rewards from partner projects on Ethereum, Binance, and Polygon chains. Moreover, Sheesha operates as a decentralized tokenized incubator and accelerator for web3 startups. The Middle Eastern Blockchain Firm has invested in several DeFi and FinTech projects, including Voltage Finance, a DeFi hub, and TeraBlock, a decentralized investing platform.
GDA Fund
Originally named Blockchain Partners Holdings, GDA Fund has positioned its brand as a prominent player in the world of crypto research, financial engineering, and technology. The team, comprised of seasoned professionals in finance, blockchain technology, data technology, and engineering, operates from both Sydney and San Francisco. Remarkably, they have independently built their entire organization from the ground up, eschewing external capital, and intend to maintain their firm. Also, the GDA Fund is actively laying the foundations for Web 3.0, expressing a keen interest in developing open-source tools that let individuals unleash their creativity and pioneer innovations.
Takeaways
In conclusion, the Middle East remains a conducive center for Web3 and blockchain technology, with a strong and quickly expanding market expected to reach significant values. Popular blockchain firms in the Middle East make significant contributions to the industry. Businesses like NewTribe Capital, Sharding Capital, SoluLab, Sheesha Finance, and GDA Fund are at the vanguard of innovation, investing in early-stage businesses, offering post-investment assistance, and influencing the blockchain revolution. These businesses play a critical role in advancing technology, encouraging international cooperation, and supporting a wide variety of initiatives in the Middle East and beyond.
