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Abu Dhabi Entices Web3 Businesses with $2B Initiative
Abu Dhabi launches "Hub71+ Digital Assets" - a $2b initiative to back local Web3 and blockchain startups.
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The UAE capital Abu Dhabi has rolled out a $2 billion initiative to foster the growth of Web3 and blockchain startups in the region, according to a press release on Wednesday. The program will help startups relocate to Abu Dhabi and connect with various partners.
Abu Dhabi Unveils “Hub71+ Digital Assets” Program
Abu Dhabi tech ecosystem Hub71 has launched a new $2 billion initiative to support Web3 and blockchain startups in the region. In addition to funding, the initiative, dubbed “Hub71+ Digital Assets,” will provide local startups with access to a broad range of programs and potential corporate, investment, and government partners.
“The ecosystem has over US$2 billion of capital committed to fund Web3 startups and blockchain technologies in Abu Dhabi. Hub71+ Digital Assets will offer Web3 startups access to an extensive range of programmes, initiatives, and corporate, government, and investment partners in the UAE and global markets.”
– the press release states.
Additionally, the initiative will help startups relocate to Abu Dhabi and foster their growth across the Middle East and other global markets. As per the press release, the initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM).
One of the partners of the program is FABRIC, the research and innovation hub of First Abu Dhabi Bank (FAB). Other partners include multiple digital asset exchanges and service providers, who joined the initiative to facilitate the discovery, trading, and custody of digital assets.
Hub71 deputy CEO Ahmad Ali Alwan said the launch of the Hub71+ Digital Assets initiative underscores Abu Dhabi’s interest in attracting disruptive businesses that can make a global impact. He said decentralization represents the future of the internet, with Web3 and blockchain startups expected to play a central role in facilitating this transition.
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The UAE’s Big Bets on Digital Assets Continue
The rollout of Hub71+ Digital Assets represents the latest in a series of efforts by the United Arab Emirates (UAE) to spur digital assets and blockchain market growth in the region.
Earlier this month, Dubai virtual asset regulator VARA released a set of regulatory requirements for crypto firms planning to operate in the UAE’s biggest emirate. The rules cover various activities related to virtual assets, including custody, advertising, exchanges, and more.
The UAE has been ramping up investments in the digital asset industry recently, establishing itself as one of the region’s leading digital and crypto hubs in innovation and regulation. Last year, the world’s biggest crypto exchange Binance obtained a license from Abu Dhabi regulators to offer crypto custody services in the UAE capital.
Do you think the UAE could become one of the leading crypto and digital asset hubs on a global scale? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
