Sigma Capital, a United Arab Emirates-based Web3 venture fund, announced the launch of its $100 million blockchain startup fund to help propel firms building in decentralized finance aka DeFi, blockchain infrastructure, real-world asset tokenization, gaming, and the metaverse.
The fund will focus on early-stage projects, while actively managing a portfolio of liquid tokens and high-yield DeFi strategies to optimize its portfolio performance.
“We envision a digital economy that is more open, inclusive, and innovative,” said CEO and Managing Partner Vineet Budki, in a statement. “This fund empowers startups with capital, equips them with access to our exclusive network and expertise, and enables them to really thrive in a rapidly involving landscape.”
United Arab Emirates Exempts Crypto Transactions From Value-Added Tax
The United Arab Emirates (UAE) has amended its value-added tax (VAT) regulations to exempt transactions involving virtual assets, including cryptocurrencies. On Oct. 2, 2024, the UAE’s Federal Tax Authority (FTA) announced the changes under Cabinet Decision No. (100) of 2024. These amendments, effective November 15, 2024, are intended to bring clarity to the tax treatment of digital assets while aligning with previous updates to tax laws in the country. Among the key amendments, Article 42 stand...
Budki previously helped lead investments in more than 300 projects in his time at Cypher Capital, highlighted by investments in Sui blockchain creator Mysten Labs, Sei Network, Animoca Brands' Mocaverse, and more.
“Vineet’s track record as a visionary leader in Web3 speaks for itself. His deep understanding of market dynamics and foresight in nurturing high-impact projects have been pivotal in advancing the ecosystem,” said Polygon co-founder Sandeep Naliwal, in a statement. “The launch of Sigma Capital’s $100 million fund is a testament to his expertise and the UAE’s emergence as a global hub for blockchain innovation.”
Bitcoin Reclaims $96,000 Mark After Hitting Lowest Price Since November
Bitcoin has reclaimed $96,000 after a rough start to the week. At time of publication, the leading cryptocurrency is trading at around $96,580, up 5.8% in the past 24 hours, according to CoinGecko data. The sudden jump comes amid reports that President-elect Donald Trump is preparing to issue a pro-crypto executive order shortly after his inauguration. Sources told Decrypt earlier this week this could include a new crypto council consisting of 20 CEOs and industry leaders, as well as the aboliti...
Sigma Capital works with Web3 hubs in 10 cities around the globe and holds a dual presence in Dubai and Singapore. The firm plans to deploy investments across 100 early-stage projects, 25 liquid tokens, and 10 fund-of-fund allocations over the course of the next three years.
Edited by Andrew Hayward
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