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Abu Dhabi’s tech ecosystem launches a new initiative with more than $2 billion in funding Web3 Start-up companies, blockchain technology, and Metaverse applications in united arab emirates capital.
The capital’s tech ecosystem, known as the hub 71officially launched a new Hub71+ digital assetswhich will be located at Hub71 Abu Dhabi Global Market (ADGM). according to Emirates News Agency (WAM),
“This ecosystem is committed to advancing Web3, a decentralized online space built on innovations such as blockchain technology and metaverse applications.”
Hub71+ Digital Assets, with its massive $2 billion funding, aims to fund different startups in the Web3 space and provide them with a “broad range” of programs and initiatives, as well as domestic and foreign corporate, government and investment partners. Globally, the report said.
The plan 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 corporate relocation to Abu Dhabi, as well as growth in the Middle East and global markets. Meanwhile, Hub71+ Digital Assets will help support the UAE’s digital economy strategy, which aims to double the digital economy’s contribution to non-oil gross domestic product (GDP) to more than 20% within 10 years, Zawya Report.
Furthermore, according to WAM, the main partners of the new program are the fabricResearch and Innovation Center First Abu Dhabi Bank (Fab). Suhail Bin Tarraf, Chief Operating Officer of FAB Group, said the bank is an increasingly trusted financial partner in the Web3 space. According to Bin Tarraf, this latest partnership will allow FAB to “maintain a leading position in innovations such as blockchain, NFTsand Metaverse, and deliver on their customer-first promise by leveraging new opportunities at the intersection of digital identity, ownership, and value. “
And there are more partners involved. WAM added,
“Digital asset exchanges and service providers are part of an initiative to facilitate the discovery, trading and custody of digital assets.”
Zawya reports that Hub71 has joined a number of partners and Web3 players that form part of the Hub71+ digital assets. These include:
- Digital asset exchanges and service providers that facilitate digital asset discovery, trading and custody: Binance and Medium chain;
- Technology providers bridging the gap between Web2 and Web3 and providing infrastructure platforms: Amazon Web Services (AWS) and MasterCard;
- A venture studio that facilitates the building and acceleration of new Web3 and digital asset startups: Founder Tao;
- A blockchain platform that supports transparent recording, tracking and sharing of assets: algorand, polygon, SUI blockchain, Ton Foundationand Venom Foundation.
Additionally, venture capital funds reportedly provide access to capital and investment opportunities, including Binance LabsThe $500 million investment fund will invest in “Web3” through its $1 billion venture fund, as well as the Venom Foundation, Venom Venture Fund with partnership iceberg capital$250 million for Ton Foundations TONcoin.Foundation Which startups will have access and more.
“The combination of these elements is designed to support participating startups in launching tokens and promoting tokenization as part of their 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 Web3 startups will accelerate the transition to the new technology.
According to Alwan,
“By partnering with ADGM, FAB and FABRIC, as well as leading Web3 companies and enablers, startups will have the opportunity to safely raise funds, develop and commercialize innovations, all while being in the MENA region’s largest regulated virtual asset jurisdiction operation.”
ADGM CEO Dhaher bin Dhaher Al Mheiri said the launch of the program will further strengthen the ADGM-Hub71 partnership. New technologies and ecosystems such as Web3 have the potential to change the world, Al Mheri said, adding that the partnership will give startups access to innovative infrastructure and benefits from ADGM’s “diverse ecosystem and progressive regulatory environment.” benefit.
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