Deus X, Bridgetower debuts $250M digital asset venture in Middle East
Feb 07. 2024
By Hermi De Ramos
Private equity firms Deus X Capital and Bridgetower Capital are set to launch a new $250 million crypto infrastructure platform, bringing crypto staking, investing, and other digital asset services to institutional investors in the Middle East.
The new entity, Bridgetower Middle East, will be based in the Abu Dhabi Global Market, a free economic zone within the United Arab Emirates capital, and headed by Deus X and Bridgetower’s respective CEOs, Tim Grant and Cory Pugh, according to a joint statement on Feb. 8.
Speaking to Cointelegraph, Grant explained that the initiative aims to establish an infrastructure to meet the demand for turnkey staking and AI GPU computing in the Middle East, adding:
“[Bridgetower ME] will serve as a launchpad to support a wide range of institutional clients who are looking to leverage new technologies in a scalable, compliant and cost-effective manner.”
The new entity will host nodes in-region for institutional staking and provide advanced data center capabilities with artificial intelligence (AI) GPUs, Web3 commerce, and private equity incubation services.
Middle East and North Africa countries ranked by crypto value received. Source: Chainalysis
Meanwhile, Pugh said in the statement that they will bring more “substantial assets” to the newly formed entity on top of the self-funded $250 million of assets under depository.
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