- License will permit investment in both the equity and tokens
of crypto start-ups
- Opening of Token Bay's new offices in ADGM aligns with
planned second fund
ABU DHABI, UAE, April 18,
2024 /PRNewswire/ -- Token Bay Capital Limited ("Token
Bay") is expanding its venture capital footprint in the capital of
the UAE and has been granted an in-principle approval (IPA)
from the Financial Services Regulatory Authority (FSRA) to carry
out regulated activities in the ADGM. Subject to final regulatory
approval for the grant of the Financial Services Permission (FSP),
Token Bay brings niche capabilities to manage both token and equity
investments in early-stage crypto start-ups under the FSRA's
Venture Capital Fund Manager (VCFM) framework.
Founded in 2021, Token Bay is a leading Crypto Venture Capital
Fund that has adopted a regulatory-first approach from day one.
Token Bay invests in start-ups building next-generation blockchain
infrastructure and decentralized applications for Web3. Building on
the success of its first fund, Token Bay is now launching its
second fund and will continue to back outstanding entrepreneurs
building infrastructure solutions for the new token economy. In
addition to Abu Dhabi, Token Bay
also has offices in Hong Kong, and
is strategically positioned across digital assets hubs in both the
Middle East and Asia.
Founder and Managing Partner of Token Bay, Lucy Gazmararian: "This marks the first phase of
global expansion for Token Bay, and we're excited to have been
granted the IPA in ADGM for venture capital investment in tokens as
well as in equity. Blockchain technology has the potential to drive
innovation through tokenization, and as blockchain networks
continue to evolve, it is important that as venture capitalists we
are fully equipped to support talented founders building in Web3 by
directly participating in these networks and taking an ownership
stake through tokens. We extend our sincerest thanks to the
regulator for their forward-thinking approach and open dialogue so
that we were able to reach this important milestone and establish
Token Bay in one of the world's leading international financial
centres and digital assets hub."
ADGM's progressive regulatory framework, English common law
legal framework, status as a leading centre for financial
innovation and vibrant blockchain and digital assets ecosystem have
attracted Token Bay to set up offices in the capital of the
UAE.
Arvind Ramamurthy, Chief of
Market Development at ADGM said, "We extend a warm welcome to Token
Bay Capital as they join ADGM's international financial centre and
commence their establishment in Abu
Dhabi, marking the beginning of their global expansion
journey. ADGM is dedicated to cultivating innovation and excellence
in the financial sector, particularly within the virtual asset
space. With progressive regulatory frameworks that facilitate
companies like Token Bay Capital, ADGM's vibrant ecosystem stands
as the optimal platform for initiating their global growth
trajectory."
Token Bay's Venture Funds offer institutions, multi-national
companies, private banks, family offices and high-net-worth
individuals the opportunity to invest in an emerging asset class
right at the start of a multi-decade cycle.
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