The group is called Bridgetower Middle East and will help institutions to adopt crypto staking and investing, among other services.
Deus X Sets Up $250M Shop in Middle East
Private equity firm Deus X has teamed up with its industry peer Bridgetower Capital for the launch of a newly-constructed group that will operate in the Middle East. The new entity is called Bridgetower Middle East and for the unveiling, the two companies have pieced together $250 million ready to be put to work.
Bridgetower Middle East will be based in the Abu Dhabi Global Market, a free economic zone for the United Arab Emirates. Its core product will be a crypto infrastructure platform that will offer institutional investors digital-asset staking and investing, among other services.
Tim Grant, chief executive at Deus X, and Cory Pugh, chief executive at Bridgetower, will be running the Middle East-focused group. Both sides have pledged to inject more capital into the platform, on top of the self-funded amount invested so far.
Crypto Adoption in UAE Draws Closer
In addition to its core business, the group will also provide advanced data center capabilities with AI GPUs, Web3 commerce, and private equity backing and incubation.
“Bridgetower Middle East 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,” said Deus X’s Tim Grant in an interview for crypto media outlet Cointelegraph.
The new venture is expected to bring digital assets closer to investors and businesses operating in the Middle East, and the United Arab Emirates in particular. A listing on the Abu Dhabi’s public market, the Abu Dhabi Stock Exchange (ADX) was on the table, according to both parties.
Deus X and Bridgetower at a Glance
Deus X, a newly-launched investment firm with $1 billion in assets, recently led a $5.5 million fundraising initiative for Web3 startup Saltwater Games. Bridgetower, a crypto infrastructure provider and a private equity player, is known for its partnership with Solana over a $20 million investment fund launched in 2021.