SCENE Sigma Capital, a Web3 venture fund based in the UAE, just launched a $100 million blockchain startup fund. This fund aims to support companies working in decentralized finance (DeFi), blockchain infrastructure, real-world asset tokenization, gaming, and the metaverse.
The focus will be on early-stage projects. They’ll also manage a portfolio that includes liquid tokens and high-yield DeFi strategies to boost performance.
“We envision a digital economy that is more open, inclusive, and innovative,” said CEO and Managing Partner Vineet Budki. “This fund empowers startups with capital, gives them access to our exclusive network, and helps them thrive in a fast-changing landscape.”
Budki has a solid track record. He led investments in over 300 projects at Cypher Capital, including major names like Mysten Labs, Sei Network, and Animoca Brands' Mocaverse.
“Vineet’s reputation as a leader in Web3 speaks for itself,” said Sandeep Naliwal, co-founder of Polygon. “His understanding of market dynamics and ability to nurture impactful projects have been crucial for the ecosystem.”
Sigma Capital collaborates with Web3 hubs in ten cities worldwide and has a presence in both Dubai and Singapore. Over the next three years, they plan to invest in 100 early-stage projects, 25 liquid tokens, and 10 fund-of-funds.
In other news, Swiss digital asset bank Sygnum raised $58 million in a strategic growth round, boosting its valuation to over $1 billion. Fulgur Ventures led the round as a cornerstone investor, along with other strategic investors and Sygnum team members. Notably, the co-founders and team retain majority ownership. The bank manages over $5 billion in client assets, with trading volumes on the rise.
Italy's largest banking group, Intesa Sanpaolo, made headlines by buying 11 Bitcoins for about 1 million euros (around $1 million). This makes it the first Italian bank to invest directly in cryptocurrency. The confirmation came from the bank’s press office, following speculation from a leaked internal email on 4chan. The email, reportedly from Niccolò Bardoscia, head of the bank’s Trading and Investment division for Digital Assets, verified the purchase.
Lastly, stablecoin issuer Tether is moving to Bitcoin-friendly El Salvador. Currently incorporated in the British Virgin Islands, Tether announced it has acquired a Digital Asset Service Provider license in El Salvador and will relocate all its subsidiaries there. El Salvador made Bitcoin legal tender in 2021, aiming to encourage its citizens to use the leading cryptocurrency. Under President Nayib Bukele’s leadership, the country is also pursuing various initiatives.