Abu Dhabi lures Web3 businesses with $2 billion plan

Abu Dhabi, the capital of the United Arab Emirates, has launched a $2 billion initiative to boost Web3 and blockchain startups in the region. Press release Wednesday. The program will help start-ups relocate to Abu Dhabi and connect with various partners.

Abu Dhabi Launches “Hub71+ Digital Assets” Program

Abu Dhabi tech ecosystem Hub71 has launched a new $2 billion program to support Web3 and blockchain startups in the region. In addition to funding, the initiative is called “Hub71+ digital assetswill provide local start-ups with a wide range of programs and potential corporate, investment and government partners.

“With over US$2 billion in funding, the ecosystem is dedicated to funding Web3 startups and blockchain technology in Abu Dhabi. Hub71+ Digital Assets will provide Web3 startups with access to a wide range of projects, initiatives in UAE and global markets and pathways for business, government and investment partners.”

– the press release states.

Additionally, the program will help start-ups relocate to Abu Dhabi, facilitating their growth in the Middle East and other global markets. According to the press release, the program will be based at Hub71 Abu Dhabi Global Market (ADGM).

One of the partners in the initiative is FABRIC, the research and innovation center of First Abu Dhabi Bank (FAB). Other partners include several digital asset exchanges and service providers who joined the initiative to facilitate the discovery, trading and custody of digital assets.

Ahmad Ali Alwan, deputy CEO of Hub71, said the launch of the Hub71+ digital asset program underscores Abu Dhabi’s interest in attracting disruptive businesses that can have a global impact. He said that decentralization represents the future of the Internet, and Web3 and blockchain startups are expected to play a central role in facilitating this transformation.

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UAE’s big bet on digital assets continues

The launch of Hub71+ Digital Assets represents the latest in a series of efforts by the United Arab Emirates (UAE) to stimulate growth in the region’s digital assets and blockchain market.

Earlier this month, Dubai’s virtual asset regulator was released A series of regulatory requirements for crypto firms planning to operate in the UAE’s largest emirate. The rules cover a variety of activities related to virtual assets, including custody, advertising, trading, and more.

The UAE has recently been ramping up investment in the digital asset industry, establishing itself as one of the region’s leading hubs for digital and cryptocurrency innovation and regulation. Last year, the world’s largest cryptocurrency exchange Binance gets a license Abu Dhabi regulators offer cryptocurrency custody services in the UAE capital.

Do you think the UAE can become one of the leading global centers for cryptocurrencies and digital assets? Let us know in the comments below.

about the author

Tim Fries is the co-founder of The Tokenist. He holds a Bachelor of Science degree. BS in Mechanical Engineering from the University of Michigan and MBA from the University of Chicago Booth School of Business. Tim was a Senior Associate in the investment team in RW Baird’s US Private Equity division and co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.