Cypher Capital, a venture capital firm based in Dubai, announced the launch of a $100 million seed fund aimed at investing in digital assets such as cryptocurrency on Wednesday.
Bijan Alizadeh, the company's creator, will contribute funds to the fund, which will invest in decentralised finance platforms, blockchain apps, and cryptocurrency gaming.
He told Reuters, "It's going to be 100 percent digital assets."
Cypher, which manages $10 million in assets, wants to invest $2 million to $5 million each month on average, with an emphasis on the Middle East, North Africa, and South Asia regions, but it will also invest overseas.
The firm, which in the future may raise capital for new investment funds, is targeting to have $1 billion in assets under management in three years time.
Cypher is also planning to open a "crypto, blockchain and digital asset hub" in Dubai to offer a workspace to start-ups where they can pitch their ideas to potential investors, Alizadeh said.
The start-ups would also be offered mentoring, legal advice and technical advice, he said, hoping to develop the hub into a industry-focused networking community.
(Reuters)
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