Abu Dhabi goes all-in on crypto with $2 billion investment program for Web3 and Blockchain startups
Abu Dhabi’s tech ecosystem has launched a new initiative with over $2 billion in capital committed to fund Web3 startups, blockchain technologies and metaverse apps in the UAE capital.
The capital’s technological ecosystem, called Hub71has officially launched its brand new Hub71+ digital assetswhich will be based on the Hub71 in Abu Dhabi Global Market (ADGM). According to the Emirates News Agency (WAM),
“This ecosystem is dedicated to advancing Web3, a decentralized web space built on innovations such as blockchain technology and metaverse applications.”
With a massive capital of $2 billion, Hub71+ Digital Assets aims to fund various startups in the Web3 field and offer them access to “a comprehensive range” of programs and initiatives, as well as corporate, government and investment partners both in the country and globally, says the report.
The initiative will also provide Web3 startups with “a progressive regulatory environment and world-class blockchain and virtual asset infrastructure.”
Hub71’s value creation program will further support businesses relocating to Abu Dhabi, as well as growth in the Middle East and global markets. Meanwhile, Hub71+ Digital Assets will help support the UAE Digital Economy Strategy, whose goal is to double the contribution of the digital economy to non-oil gross domestic product (GDP) to more than 20% within 10 years, Zawya reported.
Furthermore, per WAM, is the anchor partner of the new initiative FABRICthe research and innovation center to First Abu Dhabi Bank (FAB). Suhail Bin Tarraf, CEO of FAB, stated that the bank is an increasingly reliable financial partner in the Web3 space. This latest partnership, Bin Tarraf said, will enable FAB to “stay at the forefront of innovations such as blockchain, NFTs and the metaverse, and deliver on its Customer First promise by leveraging new opportunities at the intersection of digital identity , ownership and value.”
And there are several partners involved. WAM added that
“Digital asset exchanges and service providers are part of the initiative to facilitate the discovery, trading and custody of digital assets.”
Zawya reported that Hub71 brought on board a number of partners and Web3 players that are part of the Hub71+ Digital Assets. These include:
- Digital asset exchanges and service providers that facilitate the discovery, trading and custody of digital assets: Binance and MidChains;
- Technology providers that bridge the gap between Web2 and Web3 and offer infrastructure platforms: Amazon Web Services (AWS) and MasterCard;
- Venture studio that facilitates the building and acceleration of new Web3 and digital asset startups: Founders DAO;
- Blockchain platforms that enable transparent recording, tracking and sharing of assets: Algorand, Polygon, SUI Blockchain, Ton Foundationand Venom Foundation.
Also, venture capital funds allegedly provide access to capital and investment opportunities, and these include Binance Labs‘ $500 million investment fund to invest in ‘Web3’, as well as the Venom Foundation through its $1 billion venture fund, Venom Venture Funds in partnership with ICEBERG capitalTon Foundation’s $250 million TONcoin.Fund which startups will have access to etc.
“The combination of these elements aims to support participating startups to launch tokens and promote tokenization, as part of the fundraising journey,” the report said.
Ahmad Ali Alwan, deputy CEO of Hub71, was quoted by WAM as saying that decentralization is the future of the blockchain-based internet and that it is the Web3 startups that will accelerate the transition to the new technologies.
Alwan claimed that
“By partnering with ADGM, FAB and FABRIC, in addition to leading Web3 companies and enablers, startups will have the opportunity to collect, develop and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the MENA region .”
The launch of this initiative will further strengthen the ADGM-Hub71 partnership, said Dhaher bin Dhaher Al Mheiri, CEO of ADGM. New technologies and ecosystems, such as Web3, can transform the world, Al Mheri said, adding that this partnership will enable startups to access innovative infrastructure and benefit from ADGM’s “diverse ecosystem and progressive regulatory environment.”
____
Learn more:
– Dubai settles on privacy coins with ban on anonymity-enhancing cryptos
– UAE Minister Says Crypto Will Play a “Major Role for UAE Trade Going Forward”
– Dubai Police works in Metaverse
– Crypto firms flock to Dubai for regulatory clarity as UAE cleans up its ‘gray’ reputation
