Private equity firms Deus X Capital and Bridgetower Capital have announced the launch of a new $250 million crypto infrastructure platform, Bridgetower Middle East, aimed at providing digital asset services to institutional investors in the Middle East.
Based in Abu Dhabi Global Market, a free economic zone in the UAE capital, Bridgetower Middle East will be led by CEOs Tim Grant and Cory Pugh of Deus X and Bridgetower, respectively. The initiative seeks to address the demand for crypto staking, investing, and AI GPU computing in the Middle East region.
Grant highlighted the goal of establishing infrastructure to support institutional clients in leveraging new technologies in a compliant and cost-effective manner. Bridgetower Middle East plans to offer institutional staking services, advanced data center capabilities with AI GPUs, Web3 commerce, and private equity incubation services.
Pugh emphasized the commitment to bringing substantial assets to the new entity, building on the initial $250 million in self-funded assets under depository. He expressed confidence in the region's regulatory framework, which encourages ethical and legal business operations.
The announcement reflects a broader trend of the UAE positioning itself as a global digital asset hub, attracting significant investments and international players. Paxos recently secured approval in Abu Dhabi for stablecoin issuance and digital asset services, while Iota launched a $100 million-backed DLT foundation in the UAE capital. Additionally, Saudi Arabia's NEOM project partnered with Web3 games developer Animoca Brands to develop Web3 enterprise service capabilities.
Deus X, launched in October 2023 with $1 billion in assets, has been active in funding rounds for Web3 gaming firms, such as Saltwater Games. Bridgetower, known for its involvement in digital asset infrastructure and private investment equity, formed a $20 million fund with the Solana Foundation to develop the blockchain network in Europe and Switzerland.
Both firms are committed to investing in the UAE's digital asset ecosystem and are considering potential public listing options on the Abu Dhabi Stock Exchange.
