ABU DHABI, UAE, April 2024, 4 /PRNewswire/ -- Token Bay Capital Limited ("Token Bay") is expanding its venture capital footprint in the UAE capital and has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities in ADGM.
Subject to final regulatory approval for the Financial Services Permit (FSP), Token Bay will provide niche functionality to manage tokens and equity investments in early-stage crypto startups under the FSRA Venture Capital Fund Manager (VCFM) framework.
Founded in 2021, Token Bay is a leading cryptocurrency venture capital fund that has taken a regulation-first approach from day one. Token Bay invests in startups that are building the next generation of 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 support exceptional entrepreneurs who are 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 in digital asset hubs in the Middle East and Asia.
Lucy Gazmararian, Founder and Managing Partner of Token Bay, said: “This marks the first phase of Token Bay’s global expansion and we are delighted to have received ADGM’s IPA for venture capital in tokens and equity. Technology has the potential to drive innovation through tokenization and as blockchain networks continue to grow, it is important that as venture capitalists we are well positioned to support the talented founders building in Web3 by participating directly in these networks and taking ownership through tokens. We would like to express our sincerest gratitude to the regulators for their forward thinking and open dialogue, allowing us to achieve this important milestone and establish Token Bay in one of the world’s leading international financial centers and digital asset hubs.”
ADGM’s advanced regulatory framework, English common law legal framework, status as a leading financial innovation hub, and vibrant blockchain and digital asset ecosystem attracted Token Bay to establish an office in the UAE capital.
Arvind Ramamurthy, Head of Market Development at ADGM, said: “We warmly welcome Token Bay Capital to ADGM and its new home in Abu Dhabi, marking the start of its global expansion journey. ADGM is committed to fostering innovation and excellence in the financial sector, particularly in the virtual asset space, and with an advanced regulatory framework that facilitates companies like Token Bay Capital, ADGM’s vibrant ecosystem is the perfect platform to kick-start its global growth trajectory.”
Token Bay’s venture fund provides institutions, multinational corporations, private banks, family offices and high net worth individuals with the opportunity to invest in emerging asset classes at the beginning of multi-decade cycles.