Deepcoin Labs, a venture capital firm specializing in blockchain, cryptocurrencies, and digital assets, has received the “Proprietary Trading in Crypto-commodities” registration from the Dubai Multi Commodities Center (DMCC). This recognition coincides with the announcement of a $10 million fund dedicated to supporting innovative Web3 projects in their early stages.
The registration, which is valid from September 6, 2023, to September 10, 2024, allows Deepcoin Labs to engage in trading activities within the crypto-commodities sector while complying with DMCC’s regulatory frameworks. This move highlights Deepcoin Labs’ commitment to nurturing groundbreaking projects in the Web3 realm.
The $10 million fund aims to stimulate innovation in the industry by providing crucial resources to promising ventures. Deepcoin Labs, with a global perspective, is actively searching for innovative Web3 projects that align with its mission to shape the future of the Web3 environment.
The allocation of funding will be carefully based on the quality and potential impact of the projects, with direct support given to qualified teams. Deepcoin Labs is dedicated to supporting the growth of Web3 startups by combining mentorship with essential funding, focusing on both Asian and international markets.
By fostering a symbiotic relationship with the management teams of its portfolio companies, Deepcoin Labs aims to create exceptional value within the blockchain and cryptocurrency sectors.
Ego Huang, Founder & CEO of Deepcoin, expressed his excitement about this significant development, emphasizing the company’s commitment to regulated and responsible operations in the crypto-commodities sector. He sees the fund as a catalyst for global Web3 innovation and believes it will guide the industry’s development trajectory.
Established in 2002, the Dubai Multi Commodities Center (DMCC) is the largest and fastest-growing free zone in the world, with more than 12,000 registered entities. It facilitates trade flows of various commodities, such as precious metals and tea, through Dubai, providing 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 offering unwavering support, resources, and trust to startups in various markets.
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