Deepcoin Labs, a venture capital firm with a specialization in blockchain, cryptocurrencies, and digital assets, has been granted the “Proprietary Trading in Crypto-commodities” registration by the Dubai Multi Commodities Center (DMCC).
This recognition coincides with the unveiling of a $10 million fund, explicitly earmarked to stimulate and bolster innovative Web3 projects in their early stages, according to a statement.
The registration, effective from September 6, 2023, to September 10, 2024, allows Deepcoin Labs to conduct trading endeavors within the crypto-commodities sector, strictly adhering to the comprehensive regulatory frameworks instituted by DMCC.
This strategic move underscores Deepcoin Labs’ resolute commitment to nurturing high-caliber, pioneering projects within the Web3 realm.
The $10 million fund is envisioned as a catalyst to drive innovation in the industry, extending vital resources to ventures displaying promise and quality. With a global outlook, Deepcoin Labs is actively scouting for groundbreaking Web3 projects that resonate with its mission to shape the future of the Web3 environment.
The allocation of funding will be meticulously determined by the intrinsic quality and potential impact of the projects, with direct infusion of resources to qualified teams.
Deepcoin Labs is dedicated to cultivating the growth of Web3 startups by synchronizing mentorship with essential funding, focusing on both Asian and international markets.
By cultivating a symbiotic relationship with the management teams of its portfolio companies, it seeks to create unparalleled value within the blockchain and cryptocurrency sectors.
Ego Huang, Founder & CEO of Deepcoin, conveyed his exhilaration about this pivotal development. He said:
This registration from DMCC epitomizes our commitment to regulated and responsible operations in the crypto-commodities sector
He added that the the fund’s significance in spurring global Web3 innovation, envisaging it as a beacon to guide the development trajectory of the industry.
DMCC, established in 2002, stands as the globe’s largest and rapidly expanding Free-Zone, with a repertoire of over 12,000 registered entities. It orchestrates trade flows of a myriad of commodities, including precious metals and tea, through Dubai, offering unparalleled commodity and financial services.
Deepcoin Labs, a subsidiary of Deepcoin, remains at the forefront of fostering sustainable growth in the blockchain, digital assets, and cryptocurrencies industry, by extending unwavering support, resources, and trust to startups in diverse markets.