Abu Dhabi to back the growth of Web3 startups with $2B

Abu Dhabi Tech Ecosystem, Hub71, announced a new initiative called “Hub71+ Digital Assets” with over $2 billion in capital support. This project aims to promote Web3-based innovations such as blockchain technology and metaverse applications. The initiative aims to provide Web3 startups with access to a range of programs and initiatives, as well as corporate, government and investment partners in both global markets and the UAE.

The Hub71+ Digital Assets initiative said it intends to provide Web3 startups with access to a modern blockchain infrastructure and virtual assets, as well as a progressive regulatory environment. This initiative will be based on Hub71 in the Abu Dhabi Global Market (ADGM). As a key partner of the initiative, FABRIC First Abu Dhabi Bank’s research and innovation center will be joined by digital asset exchanges and service providers to facilitate the discovery, trading and storage of digital assets.

As part of its value creation program, Hub71 said it will help businesses expand their footprint in Abu Dhabi and expand their presence in the Middle East and global markets. This program will apply to Web3 startups in the unicorn stage, i.e. companies with an estimated value of more than $1 billion. This initiative is part of Abu Dhabi’s efforts to attract and support innovative businesses and make the UAE a leader in the Web3 space.

Ahmad Ali Alwan, Deputy CEO of Hub71, said he sees the launch of Hub71+ Digital Assets as a symbol of Abu Dhabi’s willingness to host “disruptive business that drives change and transformation on a global scale.” By partnering with ADGM, FAB and FABRIC, as well as established firms and Web3 intermediaries, startups can securely fund, develop and sell innovative concepts while operating in the MENA region’s largest regulated virtual asset jurisdiction. This collaboration enables startups to thrive while driving change and growth.

There are nearly 1,500 active organizations in the UAE Web3 ecosystem: report

The UAE government is actively implementing blockchain technology and the emerging markets it covers, including the metaverse, non-fungible tokens (NFTs) and Web3.

Speaking to Bloomberg Jan. 20 in Davos, Switzerland, UAE Minister of State for Foreign Trade Thani Al Zeyoudi suggested that the UAE is working on its crypto regulatory regime, with a focus on making the Gulf country a hub with crypto-friendly policies that also be adequately protected.

In October 2022, a Chainalysis report showed that the Middle East and North Africa (MENA) region is one of the fastest growing crypto markets in the world. The report shows that in the 12 months from July 2021 to June 2022, users in the MENA region received $566 billion worth of cryptocurrencies, up 48% from 2021.

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