Abu Dhabi backs Web3 startups with $2 billion

Abu Dhabi’s technology ecosystem Hub71 has Announce A new initiative called “Hub71+Digital Assets” with over $2 billion in funding. The project aims to advance Web3-based innovations such as blockchain technology and metaverse applications. The program aims to provide a range of programs and programs for Web3 startups, as well as corporate, government and investment partners in the global market and the UAE.

The Hub71+ Digital Asset Initiative stated that it intends to provide Web3 startups with state-of-the-art blockchain and virtual asset infrastructure, as well as a progressive regulatory environment. The program will be based at Hub71 of the Abu Dhabi Global Market (ADGM). As a lead partner in the initiative, FABRIC, First Abu Dhabi Bank’s research and innovation center, will facilitate the discovery, trading and custody of digital assets alongside digital asset exchanges and service providers.

As part of its value creation plan, Hub71 said it will help businesses expand into Abu Dhabi and expand their presence in the Middle East and global markets. The program will be extended to Web3 startups in the “unicorn” stage, which refers to companies valued at more than $1 billion. The initiative is part of Abu Dhabi’s efforts to attract and support innovative businesses and establish the UAE as a leader in the Web3 space.

Ahmad Ali Alwan, deputy CEO of Hub71, said he sees the launch of the Hub71+ digital asset as a symbol of Abu Dhabi’s willingness to embrace “disruptive businesses driving change and transformation on a global scale.” By partnering with ADGM, FAB and FABRIC as well as renowned Web3 companies and facilitators, startups can securely fund, develop and market innovative concepts while operating within the largest regulated virtual asset jurisdiction in the MENA region. This collaboration offers start-ups the opportunity to thrive while fostering change and growth.

Related: UAE Web3 Ecosystem Has Nearly 1,500 Active Organizations: Report

The UAE government has been actively embracing blockchain technology and the emerging markets it encompasses, including Metaverse, Non-Fungible Tokens (NFTs) and Web3.

Interview with Bloomberg in Davos, Switzerland, January 20Thani Al-Zeyoudi, UAE Minister of State for Foreign Trade It is suggested that the UAE is working on its cryptocurrency regulatory regime, with a focus on making hub of gulf countries With an encryption-friendly policy, there are adequate protections in place too.

October 2022, a Chainalysis report highlights how the Middle East and North Africa (MENA) region is becoming fastest growing cryptocurrency market globally. According to the report, in the 12 months from July 2021 to June 2022, users in the MENA region received $566 billion worth of cryptocurrencies, a 48% increase compared to 2021.