Cypher Capital Continues to Fuel the Web3 Space Despite Bear Market

Phoenix Group and Cypher Capital, venture capital firms located in the UAE, held a gala event announcing several new partnerships, ventures and investments at 88Terrace.

Munaf Ali, CEO at Phoenix Group, opened the evening by announcing a new partnership with Kevin O’Leary and O’Leary Financial Group for Cypher Capital along with an exciting new platform for the group in the form of Fenix Games, a web3 based gaming platform.

He also announced the group’s latest $1.5 million investment in Rekt Studios, which is taking web3 gaming in an exciting new direction with its “Unseen” ecosystem. Mr. Ali closed his remarks by telling the audience that despite the recent challenges in crypto, Cypher Capital Group remains optimistic and bullish about the future of web3 and blockchain projects.

A series of fireside chats then followed with representatives from Fenix Games and Rekt, both taking to the stage to explain their vision.

The team from Fenix Games was up next with Rudy Koch, the co-founder, laying out their vision for the new platform by saying, “With the transition from retail to free-to-play, we saw the democratization of access, resulting in the addition of billions of new gamers and over $150B in revenue last year alone. With Web 3.0, not only are we able to include players and creators in the value chain of games, but through blockchain-driven digital asset economies, we can further enhance engagement and open new revenue streams for developers.”

Alex Peterson from Rekt Studios then brought the roadmap of Rekt Studios to the fore in their journey towards developing the leading gaming ecosystem with “Unseen”. Alex said, ”We are really excited to unveil Unseen for maybe the first time in public. Here among so many influential and inspiring people it is a true honour to talk about our fully immersive, decentralized virtual ecosystem. This project is centered around gaming and real-world utilities, and it is a platform built by the people for the people.”

The final fireside chat of the evening was a particular highlight, as Cypher Capital Group Chairman, Bill Qian, was joined on stage by “Mr. Wonderful” – Kevin O’Leary, the high-profile Canadian businessman, entrepreneur, and television personality. Together they announced a brand new $200 million dollar fund, which will focus on infrastructure and middleware investments in the web3 space.

Bill Qian elaborated on that point by saying, “This partnership allows us to push the boundaries of investment by taking our strong joint experience and track record in web3 investment and focusing on the incredible opportunities that are arising in the field of infrastructure and middleware on an almost daily basis. There are abundant opportunities available, and the creation of this fund will serve to capitalize on those opportunities and give best in class technology partners a boost and an opportunity to grow.”

Closing the event, Bijan Alizadeh, Phoenix Group Chairman, said “The value proposition for consumers at the heart of web3—one that unifies data, functionality, and value, and in doing so creates opportunities for new and more efficient forms of applications and asset ownership—is a powerful one. As you have heard tonight, not only are we working with best-in-class personnel, but we are also future proofing our technology and ensuring that we can all benefit from a prosperous future spurred on by crypto.”