Riyadh - Sharikat Mubasher: Adaverse, the first Web3 and blockchain fund in Saudi Arabia, injected a strategic investment in Sorbet, the leading-edge Web3 platform, a recent press release unveiled.

This investment is part of a $10 million initiative to enhance venture-building in the region and aligns with Saudi Arabia’s Vision 2030. It will enable Sorbet to contribute directly to supporting the Kingdom’s economic diversification and social development goals.

Rami Djebari, Co-founder of Sorbet, said: "Receiving support from an experienced partner like Adaverse will accelerate our development and enhance our market strategy. This collaboration is a milestone in breaking down financial barriers and enabling limitless growth opportunities for professionals in the region."

For his part, Vincent Li, Founding Partner at Adaverse, hailed Sorbet’s efforts to exemplify the potential of blockchain to enrich and enhance economic systems.

Sorbet targets removing the technical barriers traditionally associated with dApps while leveraging blockchain technology to provide a seamless payment solution using stablecoins and enhance financial accessibility.

Meanwhile, Adaverse was launched as part of the Cardano Investment Vehicle to nurture early-stage startups in the Middle East and North Africa (MENA) region.