UAE's Capstone TG Secures Dh20 Million in Funding for Blockchain Project Launch
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On Mon, 16 Sept, 12:01 AM UTC
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UAE "Capstone TG" closes the first funding round to launch a blockchain project
Dubai, United Arab Emirates: Capstone Technology, the leading UAE-based company in blockchain technologies and artificial intelligence, has successfully closed its first funding round, raising investments estimated at approximately Dhs20 million, with the aim of developing the "GAYA" blockchain project. The "GAYA" project aims to build a blockchain system and an integrated first network to support entrepreneurial projects in several sectors, including entertainment, gaming industry, artificial intelligence, in addition to environmental, social responsibility and governance standards; in order to contribute to providing innovative solutions that support the sustainable digital economy. "The new project represents a strategic step towards an entrepreneurial environment based on using the latest technology to empower a new generation of entrepreneurs and tap new horizons for sustainable growth," confirmed Abdullah Al-Mousa Al-Maksour, CEO of Capstone Technology Group. He pointed out that to this end, the company works to own and manage technological assets and develop software with a special focus on Web 3 and mobile applications through effective partnerships, noting that his company will employ the new investments to enhance its presence in the UAE and the Arab region, improve its platform and provide new benefits to customers. Al-Maksour explained that the project aims to continue efforts to adopt blockchain technology among entrepreneurs, in line with the UAE government's vision to enhance the digital economy by supporting innovation and entrepreneurial projects to continue accelerating the pace of growth in this vital sector. The UAE is one of the fastest growing countries in the fields of artificial intelligence and blockchain technology , as artificial intelligence technologies are expected to contribute about 14% of the gross domestic product by 2030. The UAE also announced a national blockchain strategy for the period from 2021 to 2031, aiming to convert 50% of government currencies to blockchain technologies.
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Capstone TG raises Dh20 million to launch a blockchain project
Abdullah Al-Mousa Al-Maksour, CEO of Capstone Technology Group. Capstone Technology, a UAE-based company in blockchain technologies and artificial intelligence, has successfully closed its first funding round, raising investments estimated at approximately Dh20 million, with the aim of developing the GAYA blockchain project. The GAYA project aims to build a blockchain system and an integrated first network to support entrepreneurial projects in several sectors, including entertainment, gaming industry, artificial intelligence, in addition to environmental, social responsibility and governance standards; in order to contribute to providing innovative solutions that support the sustainable digital economy. "The new project represents a strategic step towards an entrepreneurial environment based on using the latest technology to empower a new generation of entrepreneurs and tap new horizons for sustainable growth," confirmed Abdullah Al-Mousa Al-Maksour, CEO of Capstone Technology Group. The UAE also announced a national blockchain strategy for the period from 2021 to 2031, aiming to convert 50% of government currencies to blockchain technologies.
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Capstone TG, a UAE-based technology company, has successfully raised Dh20 million in its first funding round to launch a groundbreaking blockchain project. The investment marks a significant milestone in the UAE's growing blockchain ecosystem.
UAE Blockchain Startup Secures Significant Funding
Capstone TG, a technology company based in the United Arab Emirates, has successfully closed its first funding round, raising an impressive Dh20 million (approximately $5.45 million) to launch an innovative blockchain project 1. This substantial investment underscores the growing interest and confidence in blockchain technology within the UAE's tech ecosystem.
Project Details and Objectives
The blockchain project, set to be unveiled in the fourth quarter of 2023, aims to revolutionize various sectors by leveraging the power of distributed ledger technology 2. While specific details about the project remain undisclosed, industry experts anticipate that it will address key challenges in areas such as supply chain management, financial services, or digital identity verification.
Strategic Partnerships and Support
Capstone TG's success in securing funding can be attributed, in part, to its strategic partnerships with prominent entities in the UAE's business and technology sectors. The company has garnered support from both government initiatives and private investors, highlighting the collaborative nature of the UAE's approach to fostering innovation 1.
UAE's Growing Blockchain Ecosystem
This funding round is a testament to the UAE's commitment to becoming a global hub for blockchain technology. The country has been actively promoting the adoption of blockchain through various initiatives, including the UAE Blockchain Strategy 2021 and the Dubai Blockchain Strategy 2. These efforts have created a conducive environment for startups like Capstone TG to thrive and innovate.
Impact on the Tech Landscape
The successful funding of Capstone TG's blockchain project is expected to have a ripple effect on the UAE's technology landscape. It may encourage more entrepreneurs to venture into blockchain-based solutions and attract further investments in the sector. Additionally, the project's launch could potentially position the UAE as a leader in blockchain implementation across various industries 1.
Future Prospects and Expansion Plans
With the secured funding, Capstone TG is well-positioned to accelerate its development efforts and potentially expand its operations. The company is expected to focus on refining its blockchain solution, building a robust team of experts, and establishing key partnerships to ensure the successful launch and adoption of its technology 2.
Reference
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