Dubai’s Alawad Fund announces investment in MetaBitcoin (MBTC)

    13 Jul 2022

    Alawad Fund selected MetaBitcoin (MBTC), which implements all Bitcoin ecosystems identically within the metaverse ecosystem, as its first investment destination. Jointly with prominent partners, Alawad Fund plans to invest in promising blockchain projects, virtual-asset startups, cryptocurrency exchanges, and bitcoin mining.

    On March 26, Alawad Fund was launched in Dubai, the city attracting global attention as “The holy land of crypto companies.”

    Established as a joint venture between Sheikh Alawad and CEO Jojo Jiang, the fund announced its plans to invest heavily in fostering the crypto industry.

    With the first $300 million fund raise, Alawad Fund will be focused on quant investment, virtual asset and blockchain-based startup investment, cryptocurrency exchange investment, as well as investment in crypto cultural content and bitcoin mining.

    “Bitcoin is difficult to mine, there are many restrictions such as electricity bills and mining farms, and there are currently only 2 million mining volumes left. It has a high barrier to entry,” Alawad Fund’s CEO Jojo Jiang said at the fund establishment ceremony, adding: “It is difficult to raise more than several dozen times within a short period of time from now, but on the other hand, MetaBitcoin can be mined easily by anyone, and Bitcoin causes environmental problems. It is also free from the issue of being able to do it.”

    MetaBitcoin (MBTC) was issued by Meta Satoshi Nakamoto and has the same elements as Bitcoin, including 21 million total supply, 4-year halving, and mining compensation, which can be purchased.

    Launched mining on May 3, MetaBitcoin have currently about 30,000 active miners. Since July 3, the upgraded miners from 500,000 to 2 million hashrate are also be selling in three units.

    “MetaBitcoin was selected as the primary project of the Alawad Fund because of its low initial entry barrier and high evaluation of the fairness that both project sides and users start mining fairly,” Jojo explained.

    According to the company’s statement, Alawad Fund is investing in promising blockchain projects with various key blockchain partners, aiming for upcoming sustainable growth.

    “Dubai is presenting the most friendly business environment for blockchain companies,” Sheikh Alawad stated at the Alawad Fund inauguration ceremony. Sheikh also expressed his hope that the slogan ‘Blockchain as the future of finance and Dubai as the future of blockchain companies’ would be widely known worldwide by actively investing and supporting promising projects together with various oil conglomerates.

    Lately, Dubai, UAE, has become known as a hub for virtual assets and blockchain-based startups. While the government is attracting foreign talent through friendly policies at the government level, many crypto companies such as Binance are flocking to Dubai and emerging as a “’holy land for crypto companies.”

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