Capstone Technology, a UAE-based company in blockchain technologies and artificial intelligence, has successfully closed its first funding round, raising investments estimated at approximately Dh20 million, with the aim of developing the GAYA blockchain project.
The GAYA project aims to build a blockchain system and an integrated first network to support entrepreneurial projects in several sectors, including entertainment, gaming industry, artificial intelligence, in addition to environmental, social responsibility and governance standards; in order to contribute to providing innovative solutions that support the sustainable digital economy.
“The new project represents a strategic step towards an entrepreneurial environment based on using the latest technology to empower a new generation of entrepreneurs and tap new horizons for sustainable growth,” confirmed Abdullah Al-Mousa Al-Maksour, CEO of Capstone Technology Group.
He pointed out that to this end, the company works to own and manage technological assets and develop software with a special focus on Web 3 and mobile applications through effective partnerships, noting that his company will employ the new investments to enhance its presence in the UAE and the Arab region, improve its platform and provide new benefits to customers.
Al-Maksour explained that the project aims to continue efforts to adopt blockchain technology among entrepreneurs, in line with the UAE government’s vision to enhance the digital economy by supporting innovation and entrepreneurial projects to continue accelerating the pace of growth in this vital sector.
The UAE is one of the fastest growing countries in the fields of artificial intelligence and blockchain technology , as artificial intelligence technologies are expected to contribute about 14% of the gross domestic product by 2030.
The UAE also announced a national blockchain strategy for the period from 2021 to 2031, aiming to convert 50% of government currencies to blockchain technologies.