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Thursday, April 18, 2024

Abu Dhabi launches ‘Hub71+ Digital Assets’ to accelerate Web3 startups


hub 71

Hub71, Abu Dhabi’s global tech ecosystem, has announced the launch of Hub71+ Digital Assets, a dedicated ecosystem of Web3 experts. It has over $2 billion in funding to fund Web3 startups and blockchain technology.

Hub71+ is a professional ecosystem dedicated to advancing a specific technology field. Its first product is the launch of “Hub71+ Digital Assets” – which will be based in the Abu Dhabi Global Market (ADGM).

Through this ecosystem, seed-to-unicorn-stage startups can scale globally, gaining access to programs, initiatives, and corporate, government, and investment partners.

First Abu Dhabi Bank (FAB) and its research and innovation center Fabric joined as the main partner of Hub71+ Digital Assets.

FAB will identify Web3 startups, entrepreneurs and breakthrough technologies to help banks reimagine financial services in the Metaverse.

Hub71 Partners

Digital Asset Exchange and Service Provider – Facilitate the discovery, exchange and custody of digital assets
• Binance and MidChains

Technology Providers – Bridging the gap between Web2 and Web3 and providing an efficient infrastructure platform

• Amazon Web Services (AWS) and MasterCard

Venture capital studio—— Facilitate the construction and acceleration of new Web3 and digital asset startups

• Founder DAO

Venture capital funds—— Provide access to capital and investment opportunities

• Binance Labs’ $500 million investment fund to invest in “Web3”
• The Venom Foundation, through its $1 billion venture fund, Venom Venture Funds, in partnership with Iceberg Capital, an ADGM-regulated investment manager
• Startups will also be able to access Ton Foundations’ $250 million TONcoin.Fund
• Additionally, existing VC partners from Hub71 will invest in Web3 companies

Blockchain platform—— Enable transparent recording, tracking and sharing of assets
• Algorand, Polygon, SUI Blockchain, Ton Foundation and Venom Foundation

Ahmad Ali Alwan, Deputy CEO of Hub71, said: “Hub71+ digital assets show that Abu Dhabi is open to disruptive enterprises, driving change and transformation on a global scale. Decentralization is the future of the blockchain-based Internet, and Web3 Startups will play a huge role in accelerating this transition.”

Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said: “This alliance will help start-ups and digital assets benefit from ADGM’s diverse ecosystem and advanced regulatory environment by accessing world-class innovation infrastructure. This further strengthens ADGM’s “A commitment to growing the UAE economy and adopting a risk-based approach to keep pace with global trends. We are excited to be at the forefront of this revolution by empowering the next generation of businesses and look forward to what it will do for startups in the UAE and beyond.” long-term growth.”

Suhail Bin Tarraf, Chief Operating Officer, FAB Group, commented: “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 for digital identity, ownership and value. Through this partnership, we intend to serve our clients in this emerging digital space and keep them ahead of their financial needs.”

Web3 startups at the “unicorn” stage – companies valued at over US$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.

read: Web3: Changing the business landscape in the Middle East


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