- Capstone Technology closed its first funding round, raising Dhs 20 million for the “GAYA” blockchain project.
- The “GAYA” project focuses on building a blockchain system for sectors like entertainment, AI, and ESG standards to foster a sustainable digital economy.
- CEO Abdullah Al-Mousa Al-Maksour emphasized the company’s commitment to empowering entrepreneurs with innovative technology.
- The UAE’s national blockchain strategy aims to convert 50% of government transactions to blockchain by 2031.
Capstone Technology, a leading UAE-based company specializing in blockchain and artificial intelligence, has successfully completed its first round of funding. The company raised approximately Dhs 20 million, which will be directed towards developing its innovative “GAYA” blockchain project. This project represents a significant step forward in the region’s digital transformation and entrepreneurial landscape.
The Vision Behind “GAYA”
The “GAYA” project is designed to build a comprehensive blockchain network that supports entrepreneurial initiatives across various sectors. It focuses on industries such as entertainment, the gaming sector, artificial intelligence, as well as environmental, social, and governance (ESG) standards. The goal is to provide cutting-edge solutions that drive the development of a sustainable digital economy.
This project aligns with the UAE’s broader ambition to foster innovation and create opportunities for sustainable growth through technology. Capstone Technology aims to empower entrepreneurs by offering a platform that integrates blockchain technology into different sectors, supporting projects that could redefine the future of business.
Empowering the Next Generation of Entrepreneurs
According to Abdullah Al-Mousa Al-Maksour, CEO of Capstone Technology Group, this new initiative is a strategic move towards creating an entrepreneurial ecosystem built on advanced technology. Al-Maksour emphasized that the project aims to empower a new generation of entrepreneurs, unlocking new opportunities for sustainable growth across industries.
The company plans to leverage the Dhs 20 million investment to expand its influence in the UAE and the wider Arab region. Additionally, the funding will be used to enhance the company’s platform, improve its blockchain infrastructure, and offer new benefits to customers. Capstone’s focus on developing Web 3 and mobile applications is a testament to its commitment to staying at the forefront of technological innovation.
Alignment with UAE’s Vision
Capstone’s efforts to develop blockchain technologies are in line with the UAE government’s vision to enhance the country’s digital economy. The UAE has been at the forefront of adopting blockchain and artificial intelligence technologies, with AI expected to contribute around 14% to the national GDP by 2030.
The government’s commitment to blockchain is evident in its national blockchain strategy, which spans from 2021 to 2031. This strategy aims to convert 50% of government transactions to blockchain-based systems, making the UAE one of the most forward-thinking countries in terms of blockchain adoption.
Looking Ahead
With the “GAYA” project, Capstone Technology is setting a new standard for entrepreneurial innovation in the UAE and beyond. By focusing on the development of blockchain and AI technologies, the company is positioning itself to play a key role in shaping the future of the region’s digital economy.
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Last Updated on September 19, 2024 by Safiya K
