Sigma Capital, an early-stage venture firm, has unveiled a $100 million fund focused on Web3 startups.

The Dubai-based company is attempting to capitalize on the United Arab Emirates’ (UAE) reputation as a crypto hub, according to an emailed announcement on Tuesday.

The fund will focus on decentralized finance (DeFi), tokenization and blockchain infrastructure by managing a portfolio of liquid tokens.

Dubai has been jostling for the position of being a küresel crypto hub along with the likes of Singapore and Hong Kong, which it has strived to achieve through offering reasonably clear regulations. This has seen major crypto exchanges such as Binance, Crypto.com and OKX win approvals there in the last year.