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Abu Dhabi launches ‘Hub71+ Digital Assets’, provides $2 billion in funding for Web3 startups – News

Abu Dhabi launches ‘Hub71+ Digital Assets’, provides  billion in funding for Web3 startups – News

Scheme focuses on unlocking the disruptive potential of Web3 and the growth of digital assets

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Suhail Bin Tarraf, Chief Operating Officer, First Abu Dhabi Bank Group; Dhaher bin Dhaher Al Mheiri, CEO, ADGM; and Ahmad Ali Alwan, Deputy CEO, Hub71 during the launch of Hub71+ digital assets in Abu Dhabi. – Photos provided

published: Wednesday, February 15, 2023 at 5:22 pm

Hub71 on Wednesday launched ‘Hub71+ Digital Assets’, a dedicated ecosystem of Web3 experts with over $2 billion in funding dedicated to funding Web3 startups and blockchain technology in the UAE capital.

Hub71+ is a professional ecosystem dedicated to advancing a specific technology field. However, Hub71+ Digital Assets will focus on unlocking the disruptive potential of Web3 and the growth of digital assets.

“Hub71+ Digital Asset demonstrates that Abu Dhabi is open to disruptive businesses driving change and transformation globally. Decentralization is the future of the blockchain-based internet and Web3 startups will play a huge role in accelerating this shift role,” said Ahmad Ali Alwan, Deputy CEO of Hub71.

Hub71+ digital assets will be hosted at Hub71 in Abu Dhabi Global Market (ADGM).

First Abu Dhabi Bank (FAB), the largest bank in the UAE, and its R&D and innovation center Fabric, joined Hub71 as key partners in the project. FAB will identify leading Web3 startups, entrepreneurs and breakthrough technologies to help the UAE’s largest bank reimagine financial services in the Metaverse.

Officials at the launch ceremony. – Photos provided

“Working with ADGM, FAB and its research and innovation center Fabric, and the world’s leading Web3 companies and enablers, founders will have the opportunity to safely raise funds, develop and commercialize innovations, while operating in the largest virtual regulated jurisdiction assets in the MENA region,” Alwan noted.

Web3 describes the evolution of the internet into a decentralized online space that is increasingly built on innovations such as blockchain technology and metaverse applications. Web3 startups, from seed to unicorn stage, will benefit from the ability to scale globally through Hub71+ digital assets, unlocking access to a range of initiatives, initiatives and their Web3-focused enterprises, governments in the UAE and globally and investment partners’ access to the marketplace.

Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said: “In today’s rapidly evolving digital environment, we have seen the rise of new technologies and ecosystems such as Web3 that have the potential to change the world.”

“At ADGM, we are committed to providing a holistic environment that facilitates the seamless and secure adoption of digital assets to facilitate the growth of this new digital landscape. This alliance will help startups and digital assets benefit from ADGM’s diverse ecosystem and Progressive builds the regulatory environment with access to a world-class innovation infrastructure,” Al Mheiri said.

Suhail bin Tarraf, COO of FAB Group, noted that the bank’s clients are now increasingly active in the Web3 space.

“Remaining at the forefront of innovations such as blockchain, NFTs and the Metaverse is another way we deliver on our customer-first commitment as we capitalize on new opportunities at the intersection of digital identity, ownership and value. Through this partnership relationship, we intend to serve our clients in this emerging digital space and keep them ahead of their financial needs,” he said.

Web3 startups in the ‘unicorn’ stage – companies valued at over $1 billion – will also benefit from Hub71’s value creation program to support business relocation to Abu Dhabi and growth in the Middle East and global markets.

Hub71+ Digital Assets will help support the UAE Digital Economy Strategy, which aims to double the contribution of the digital economy to non-oil GDP to more than 20% within 10 years.

Web3 startups can now apply to join Hub71+ digital assets at https://hub71.com/plus/digitalassets, and benefit from a series of incentives and value creation programs that Hub71 supports the growth of Web3 startups.

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