Adaverse expands its portfolio, venturing into the Saudi Web3 market

Adaverse diversifies its portfolio, entering the booming Saudi Web3 market

The field of digital innovation and blockchain applications is rapidly transitioning into the real world. Currently, Saudi Arabia has become a pillar of the Web3 world and is committed to becoming a global powerhouse in digital innovation. This resource-rich Middle Eastern country plans to reduce its reliance on oil, achieve economic diversification, and transform into one of the next major technology hubs in the world. As a leading Cardano accelerator and venture fund, Adaverse is also venturing into the Saudi Arabian Web3 market to expand its influence. Research and analysis of macroeconomic trends suggest that Adaverse’s strategic decision has the potential to unlock more ecosystem possibilities.

Saudi Arabia: The Rising Web3 Hub

Adaverse expands portfolio, enters the Saudi Web3 market

Saudi Arabia’s “Vision 2030” is the cornerstone of achieving economic diversification. In order to break free from the dependence on oil, Saudi Arabia is actively investing in the research and development of emerging technologies, including blockchain and artificial intelligence. Additionally, this vision explicitly emphasizes the desire to achieve digital transformation through government support and initiatives, such as the establishment of the cross-border city NEOM in the northwest province of Saudi Arabia, focusing on the development of various future technologies, including blockchain, to embrace the disruptive Web3 ecosystem. Due to the volatility of oil prices, Saudi Arabia has chosen the decentralized Web3 market as an effective alternative to achieve economic diversification and stability.

Why Saudi Arabia?

Saudi Arabia is the largest Arab country in Western Asia and holds a 45% share of the $18 billion gaming industry in the Middle East and North Africa region (MENA). In order to take a big step towards Web3, Saudi Arabia has cultivated an ecosystem suitable for innovation with blockchain technology at its core. For example, Saudi Arabia’s regulatory framework is increasingly supportive of decentralized networks, and there is a clear focus on developing high-speed internet connectivity and cloud computing infrastructure, both of which are important components for operating Web3 mechanisms.

In addition, Saudi Arabia has a large and tech-savvy young population who are eager to embrace technology and digital innovation. This demographic dividend is conducive to promoting blockchain-related applications and services, and provides a great opportunity for user education and participation in blockchain technology, effectively lowering entry barriers.

Clear Regulations: A New Perspective for Venture Capital

Saudi Arabia’s Web3 market is currently thriving, and its key advantage lies in the establishment of forward-thinking regulatory approaches. Unlike some African countries, the United States, and China, which have hesitated or implemented restrictive measures, Saudi Arabia is actively developing a balanced regulatory framework. The newly established framework is not only innovative but also aims to ensure strong consumer protection measures, further support startups, create a more stable and predictable environment for investors, and reduce the risks associated with emerging technologies.

Despite the bearish sentiment, the global Web3 market has experienced a temporary contraction in terms of venture capital, but Saudi Arabia remains a beacon for investment. The long crypto winter of the past year and more has actually acted as a quality filter, channeling more investment towards user-centric products and economies rather than speculation. Saudi Arabia’s mature and comprehensive regulatory framework provides an excellent ecosystem for innovative Web3 startups, making it an ideal destination for sustainable growth in the Web3 space in the foreseeable future.

Adaverse’s Strategic Involvement in Saudi Arabia

Adaverse Expands Portfolio, Enters Saudi Web3 Market

Adaverse has officially entered the Saudi Web3 market and started implementing its strategic plans to enrich its portfolio. Since its establishment in 2021, Adaverse has become a benchmark in the Web3 acceleration space. Especially in the African market, Adaverse has funded and nurtured 40 startups to date, maintaining continuous growth. Adaverse’s effective investment strategy is closely related to EMURGO, the official commercial arm of Cardano, which not only supports Adaverse’s investment choices but also provides valuable investment resources.

Adaverse’s footprint in Africa and Asia proves its ability to bridge the gap between innovation and business viability. With a deep understanding of emerging markets, Adaverse is expected to make meaningful contributions to the thriving Web3 ecosystem in Saudi Arabia. Saudi Arabia is more than just an emerging base; it is a market for future technologies and enterprises.

Portfolio Highlights: Focus on Africa and Other Regions

Adaverse has successfully nurtured a large number of Web3 startups in Africa and Asia, achieving scalability and innovation. Recently, on Demo Day, 25 outstanding startups were showcased, attracting global investors, angel investors, market makers, renowned entrepreneurs, and project founders. Charles Hoskinson, the founder of Cardano, delivered a keynote speech that created a climax at the event, emphasizing Adaverse’s important role and influence in the global Web3 community.

Adaverse Expands Portfolio, Enters Saudi Web3 Market

With this rich experience, Adaverse aims to replicate its past successes in the Saudi market and provide valuable support and resources to Saudi Web3 startups.

Vincent Li, Co-founder of Adaverse, commented, “Entering the Saudi market is a milestone for Adaverse and perfectly aligns with our vision of promoting cutting-edge Web3 startups. Saudi Arabia has shown a high level of foresight for future technologies. With its Vision 2030 and government-supported initiatives like NEOM, Saudi Arabia is creating an ecosystem where blockchain technology can thrive. In October, I will be speaking at the official #ETHRiyadh2023 event and meeting with local industry leaders and innovators. Our goal is to collaborate with local innovators to drive blockchain adoption, facilitate digital transformation, and create lasting economic impact.”

Adaverse Expands Portfolio, Enters the Saudi Web3 Market

Boosting the Plan to Accelerate Saudi Startups

Drawing on successful investment cases in Africa and Asia, Adaverse is confident in replicating similar growth trajectories in Saudi Arabia’s Web3 market. Compared to 2022, venture capital in the Web3 sector has decreased by 80%, indicating that the market is ripe for investment. Adaverse aims to carefully select investments and support the most promising Saudi startups, filling the funding gap in the Web3 field. Adaverse steadfastly supports projects with potential, weathering all storms and moving forward together.

Future Outlook

As the Middle East region strives to become a global Web3 hub, Adaverse promises to actively participate in Saudi Arabia’s transformation, viewing strategic investment and collaboration as the cornerstones for ushering Saudi Arabia into a fairer digital future, persistently accelerating the global adoption of blockchain technology.

The path to technological excellence is filled with obstacles, but as the saying goes, “opportunity always smiles upon the brave.” Adaverse is delighted to be part of this adventure, joining hands with Saudi Arabia to progress towards an efficient and equitable future.

About Adaverse

Adaverse is a Cardano ecosystem accelerator and venture fund, serving as the risk investment wing for Cardano in the Middle East, Africa (MEA), and Asia. Adaverse offers a range of comprehensive services, including blockchain consulting, development, and support for early-stage Web3 startups. Since its inception, Adaverse has invested in multiple sectors such as Web3, exchanges, NFTs, gamingFi, DeFi, and real estate technology, supporting over 45 companies. Through a powerful combination of funding, guidance, and technological infrastructure, Adaverse aims to globally promote Web3 solutions, leveraging its international expertise and deep local market experience.

Click here to apply for project funding and join the Adverse portfolio