Eros Investments, India’s investment company, has partnered with Dubai’s Virtual Asset Regulatory Authority (VARA). It plans to fund and support more than media, art, and entertainment 100 startups by 2025.
Eros Investments, run by India’s Lulla family, plans to develop Web3 and blockchain businesses out of Dubai as part of a partnership deal to operate under Dubai’s virtual assets regulator, the company said on May 15. The deal is part of a push by the UAE to become a global hub for the virtual asset sector and broaden its economy.
Dubai, one of the UAE’s seven emirates and the Middle East trade hub, in March, formed the VARA to oversee the industry and is starting to bring companies such as crypto exchange giant Binance under its purview.
Eros Investments, a media, sports, blockchain, digital commerce, and gaming venture, wants to develop Web3 and blockchain businesses from the Dubai World Trade Centre Authority (DWTCA). It plans an accelerator fund to support more than 100 startups by 2025, which will be regulated by VARA. It aims to operate a regulated and decentralized distributed ledger technology platform for the global media, art, and entertainment industry from Dubai.
“Eros is in advanced stages of readiness to launch a revolutionary multi-verse experience that bridges the physical and virtual world,” said Kishore Lulla, Chairman of Eros Investments, known for founding Indian film and media company Eros.
Eros Investments is a venture with assets in media, sports, blockchain, digital commerce, and gaming. Its portfolio companies include Eros Media World, Eros Now, Xfinite’s Mzaalo, EXR, and Eros Innovations. Disruption is at the heart of Eros Investments, and its core culture is deeply rooted in next-generation intellectual properties with technology as the driving force. Its blockchain, sports, and entertainment ventures have been game-changers with a solid first-mover advantage. Eros Investments is a future-ready organization committed to developing the Web 3.0 ecosystem with a mission to make the world of entertainment better through innovation and diversity.
Last week, VARA also announced it had set up a virtual headquarters within the metaverse, the world’s first regulator to do so.