Adaverse, Saudi Arabia’s premier Web3 and blockchain fund, has made headlines with a strategic investment in Sorbet, an innovative Web3 platform set to revolutionize the future of work in the MENA region. This groundbreaking investment is part of a $10 million initiative aimed at fostering venture-building and aligns seamlessly with the region’s projected digital economic growth.
Sorbet’s mission is to streamline the digital freelance market, which, despite being valued at $4 billion, faces significant challenges due to inefficient payment systems. Sorbet’s platform utilizes blockchain technology and stablecoins to offer a seamless payment solution, particularly benefiting the approximately 40 million self-employed workers in the region, including those who are unbanked. By removing technical barriers traditionally associated with decentralized applications (dApps), Sorbet aims to onboard all creatives onto Web3.
Rami Djebari, co-founder of Sorbet, expressed his enthusiasm about the partnership: “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.”
Sorbet is more than just a freelancing platform; it represents a movement towards a more equitable and efficient working environment. By eliminating freelancer fees and intermediaries, Sorbet ensures direct and fair exchanges between creatives and their clients. The upcoming Sorbet Beta aims to further refine the freelancing experience by integrating project management tools and streamlined payment processes.
Vincent Li, founding partner at Adaverse, commented on the investment, saying, “Sorbet exemplifies the potential of blockchain to enrich and enhance economic systems. We are excited about the potential Sorbet holds for economic upliftment in line with Saudi Vision 2030.”
This investment not only aligns with Saudi Arabia’s Vision 2030 but actively contributes to its realization. By fostering a thriving digital economy and empowering professionals in the region, Sorbet supports the nation’s ambitions for economic diversification and social development.
Adaverse, the first Web3 and blockchain fund in Saudi Arabia, was launched as part of the Cardano Investment Vehicle. With a mission to nurture early-stage startups in the MENA region, Adaverse has already supported over 54 startups, driving the integration of blockchain technology into regional economic activities.
