Eros Investments, run by India’s Lulla family, plans to develop Web 3.0 and blockchain businesses out of Dubai as part of a partnership deal. The company said on Tuesday that it is going to operate under Dubai’s new virtual assets regulator.
The deal is basically a part of a push by the United Arab Emirates just to become a global hub for the virtual asset sector and to broaden its economy.
Dubai is one of the seven emirates of UAE and the region’s trade hub. In March the Virtual Asset Regulatory Authority (VARA) was formed to oversee the industry and it is starting to bring companies such as cryptocurrency giant Binance under its prevalence.
Eros Investments, the media, sports, blockchain, digital commerce and gaming venture, wants to develop their Web 3.0 and blockchain businesses from the Dubai World Trade Centre Authority (DWTCA). It plans to support more than 100 start-ups by 2025, with an accelerator fund which will be regulated by VARA.
It aims to conduct a systematic and decentralized distributed register technology platform for the global media, art, and entertainment industry from Dubai.
Kishore Lulla, the Chairman of Eros Investments said that Eros is in advanced stages of preparation to launch a revolutionary multi-verse experience that can be the ridge of a physical and virtual world. Notably, It is an investment company run by India’s Lulla family known for founding Indian film and media company Eros.
Last week VARA said it had set up a virtual headquarters within the metaverse, the world’s first regulator to do so.