Announcing the EMURGO Labs yesterday, the company said the hub is dedicated development entity for emerging Web3 technologies.

EMURGO, a venture financing firm, has launched EMURGO Labs, a new development hub that will fuel Web3 across Africa, the Middle East, and the Gulf Cooperation Council (GCC).

EMURGO Africa focuses on the regional implementation of Cardano blockchain and other Web3 technologies.

The company announced EMURGO Labs Monday, describing the hub as a dedicated development entity for new Web3 technologies.

It stated that the innovation hub is intended to foster the growth of both established and emerging Web2 and Web3 start-ups.

"EMURGO Labs is set to spearhead the digital transformation across borders, leveraging the transformative power of the Cardano blockchain," according to the company's press release.

"The launch of EMURGO Labs marks a significant step forward in our mission to unlock the transformative potential of blockchain technology in Africa, Middle East and GCC," stated Ahmed Amer, CEO of EMURGO Labs.

"Through comprehensive support services, strategic partnerships, and industry-leading expertise, I am confident that EMURGO Labs will become the premier destination for Web3 ventures seeking to thrive in this dynamic region" he said.

According to EMURGO, the hub is strategically positioned to engage a wide range of stakeholders, including Web2 and Web3 startups, banks, and large enterprises, as well as governments and the larger business community.

"By appealing to investors, blockchain enthusiasts, media, and policymakers, it is set to play a key role in the global blockchain ecosystem. "For more information or to discuss a partnership opportunity," it stated.