Beam Foundation Launches 150 Million Fund To Accelerate Blockchain Gaming In Uae

The Beam Foundation, the organization behind the Beam blockchain, has announced plans to launch a new venture fund in Abu Dhabi designed to support blockchain-based gaming projects. Beam is a blockchain network offering a platform for game developers to create games where players can own in-game assets. Currently, about 20 games are featured on the platform.

According to a December 11 announcement, the fund, named Beam Ventures, will begin operations in the first half of 2025. It will manage a 150 million capital pool, funded by local investors. Beam Ventures aims to primarily invest in blockchain gaming infrastructure and gaming finance GameFi projects, but will also provide funding for startups working on artificial intelligence AI, augmented reality AR, and user-generated content.

Additionally, Beam Ventures will launch an accelerator program to assist tech startups with brand development, market planning, and business growth.

In a post on X formerly Twitter, Beams Chief Strategy Officer Mark Borsten mentioned that the project is still securing regulatory approval to operate in the United Arab Emirates. After an initial visit to Abu Dhabi, Borsten and his team felt that the city "embraces innovation," leading to partnerships with key stakeholders to move Beam Ventures forward.

Beam Ventures will be the first gaming-focused qualified investor fund in Abu Dhabi, operated by Merit Circle. Merit Circle itself is a major player in blockchain gaming, with a treasury of cryptocurrencies and NFTs valued at over 200 million.

The blockchain gaming sector is recovering from the harsh "crypto winter" that began in 2022, buoyed by a resurgence in the global cryptocurrency market following the 2024 U.S. presidential election. Former President Donald Trump's victory over Kamala Harris has contributed to a broader rally in the market.

Data from DappRadar shows that blockchain gaming captured 28.2 of the total crypto market share in November 2024, with an average of 6.8 million active wallets daily. During this period, venture capital investment in the sector reached a record high of 222 million.

The United Arab Emirates, particularly Abu Dhabi, has been actively working to build a local Web3 ecosystem over the past few years. The countrys efforts to create a crypto-friendly environment have attracted a growing number of blockchain and crypto startups.

Notable crypto firms already established in Abu Dhabi include options trading platform QCP Capital, venture capital firms Hashed Ventures and Laser Digital, and market maker DWF Labs.

In June, the Central Bank of the UAE CBUAE approved a new framework for monitoring and licensing stablecoins. The regulation stipulates that stablecoins must be pegged to the UAE dirham, and only dirham-backed stablecoins can be used for payments by merchants and service providers.

The Dubai Financial Services Authority DFSA has also introduced new criteria for recognizing crypto assets. Previously, funds issued under the Dubai International Financial Centre DIFC could only invest in a limited set of cryptocurrencies - Bitcoin BTC, Ether ETH, Litecoin LTC, Ripple XRP, and Toncoin TON. Under the new regime, however, investors can now invest in unrecognized crypto assets, as long as their investment does not exceed 10 of the funds gross asset value.

These developments further cement the UAEs position as a key player in the global blockchain and crypto ecosystem.