Riyadh - Sharikat Mubasher: Saudi Arabia’s first Web3 and blockchain fund, Adaverse, invested SAR 1.69 million in Tharawat Green Exchange (TGE), an innovative Web3 startup, to bolster environmental sustainability in the Kingdom.
This strategic investment will be allocated to infrastructure and blockchain development, sales and marketing efforts, and obtaining Vera certification for TGE's carbon credits, a recent statement revealed.
The Vera certification will ensure that TGE's carbon crypto is recognized and valued in the global market.
TGE plans to raise an additional SAR 1.5 million to upgrade its products, technology infrastructure, and market penetration. It further aspires to reach a $1 trillion annual market, growing by 6% year over year.
Vincent Li, Founding Partner of Adaverse, stated that the investment aligns with the company’s mission to foster innovative Web3 solutions that address real-world challenges.
“TGE's approach to combining blockchain technology with environmental sustainability has the potential to transform how we approach carbon offsetting and tree planting initiatives in the region,” Li added.
On his part, Yakeen Al Zaki, CEO and Co-founder of TGE, commented: “With Adaverse's support, we are poised to make a significant impact on Saudi Arabia's sustainability goals. Our platform simplifies the process of contributing to environmental initiatives, making it accessible for anyone to participate in building a greener future."
TGE is a Web3 platform supporting the Saudi Green Initiative and the Net Zero Initiative. It channels private sector investments into environmental projects to establish a new economy centered on sustainability and direct climate benefits.
