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Tuesday, March 21, 2023

Abu Dhabi launches $2 billion program to support local Web3 startups

Abu Dhabi launches  billion program to support local Web3 startups

The UAE megacity Abu Dhabi is launching a well-funded program that will allow Web3 startups access to significant resources for growth.

Abu Dhabi has launched a new $2 billion program to support Web3 and blockchain technology startups in the region. According to reports, the UAE city’s technology ecosystem, the Hub71+ Digital Asset Ecosystem Program, will also facilitate startups’ access to multiple projects and potential partners. These partners may come from companies, governments and investment institutions.

A press release further elaborates on the newly created Abu Dhabi initiative for Web3 startups. According to the announcement:

“The program will be based on Hub71 of the Abu Dhabi Global Market (ADGM), providing Web3 startups with an advanced regulatory environment and world-class blockchain and virtual asset infrastructure.”

Additionally, the press release explains:

“FABRIC, the research and innovation center of First Abu Dhabi Bank (FAB), is the lead partner of Hub71+ Digital Assets, while digital asset exchanges and service providers are part of the initiative to facilitate the discovery, trading and custody of digital assets”

Stakeholders tackle Abu Dhabi initiative for Web3 startups

Hub71 Deputy CEO Ahmad Ali Alwan commented on the development, describing Hub71+ Digital Assets as Abu Dhabi’s openness to blockchain-centric ideas. According to him, the UAE capital seeks to drive disruptive change and transformation on a global scale. In Alwan’s view, decentralization is the future of the blockchain-based Internet, and Web3 startups are an important catalyst for this future.

Alwan also highlighted that the partnership opportunities offered by ADGM, FAB and FABRIC as well as leading Web3 enablers are best suited for start-ups. This is because these startups will be able to safely fundraise, develop and commercialize their innovations. Additionally, all launch operations will take place in the largest regulated virtual asset jurisdiction in the MENA region.

ADGM CEO Dhaher bin Dhaher Al Mheiri is also involved in the Abu Dhabi Web3 Friendly Programme. Al Mheiri believes that the launch of the Hub71+ digital asset will strengthen the connection between ADGM and Hub71. In addition, he also pointed out that the emergence of new technologies and ecosystems such as Web3 may change the world. According to Al Mheiri, the digital environment is constantly evolving and ADGM remains committed to providing a holistic environment of convenience. He believes that the environment supported by ADGM will lead to the comprehensive security and seamless adoption of digital assets. Additionally, Al Mheiri noted that the alliance will enable startups and digital assets to access ADGM’s diverse ecosystem. With access to a world-class innovation infrastructure, start-ups will be better able to operate at optimal capacity and capacity.

Meanwhile, FAB Group Chief Operating Officer Suhail Bin Tarraf explained that the partnership will position FAB as a pioneer in blockchain innovation. According to Tarraf, banks currently enjoy the same level of trust in blockchain transactions as they do in traditional finance. Therefore, First Abu Dhabi Bank is still able to take advantage of new opportunities.

Abu Dhabi cryptocurrency friendliness

Abu Dhabi has long been a supporter of the widespread adoption and adoption of cryptocurrencies. The city introduced digital asset regulation through its International Financial Center in 2018.Last month, an Abu Dhabi-based foundation introduce $1 billion fund focused on Web3.


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