Dubai Family Office allocates $100 million to blockchain investment
The United Arabs Emirate is bullish on blockchain technology and is seeking to expand its investment in the sector. The Prime Minister of the United Arab Emirates (UAE), Sheikh Hamdan bin Ahmed Al Maktoum's family office, launched a $100 million Blockchain Investment Fund earlier today.This latest development is in a push to meet the region’s goal to put 50% of government transactions on the blockchain by 2021. The government wants blockchain technology to handle all transactions, with the features such as transparency the region wants to benefit from.
Ahmad Aljariri, CEO of the private office, stated that “This is a key milestone, we hope that through our knowledge and capital, we can bring great talent and technology to the region through Dubai. ECN is an important platform that can multiply the impact of our reach.”
Dubai wants to leverage blockchain tech for government transactions
The private office of Sheikh Hamdan bin Ahmed Al Maktoum partnered with the ECN Launchpad platform to invest in some of the leading and promising blockchain projects. The office is also expected to work closely with blockchain companies and regulatory bodies to find investment opportunities in the blockchain sector.The Dubai government has, over the years, reiterated the desire to secure all government documents on a blockchain. The government has also launched and invested in some blockchain projects over the past few years.
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