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Monday, June 5, 2023

Abu Dhabi moves into Web3 with $2 billion-backed plan

Abu Dhabi has expressed a clear interest in improving its Web3 Ecosystem, free from dependence on oil and tourism.The latest move is the city’s initiative to kick-start Web3 growth, focusing on Metaverse and blockchain technology.

this Hub71+ digital assets The project is backed by a $2 billion fund explicitly earmarked for startups dabbling in blockchain projects in the city. The latest initiative will provide local Web3 startups with a number of services, including technical, legal and corporate support.

Commenting on the launch of the initiative, Ahmad Ali Alwan, who was appointed deputy chief executive of Hub71, the city’s tech ecosystem, noted that the move “represents Abu Dhabi’s commitment to We are open to disruptive businesses driving change and transformation across the board.”

“Decentralization is the future of the blockchain-based internet, and Web3 startups will play an important role in accelerating this transformation,” Alwan added.

Hub71+Digital Assets will be based in Abu Dhabi Global Market (ADGM), a free trade zone and the financial nerve center of the city. The initiative has also won several strategic partners such as First Abu Dhabi Bank (FAB) for Research and Innovation and blockchain infrastructure provider FABRIC.

“By partnering with ADGM, FAB and FABRIC, in addition to leading Web3 companies and enablers, start-ups will have the opportunity to safely raise funds, develop and commercialize innovations, while being in the MENA region’s largest regulated virtual asset jurisdiction operating within the (Central) East and North Africa region,” Alwan said.

Another goal of the digital asset initiative is to attract global blockchain companies, especially startups with a market cap of over $1 billion. With this initiative, Abu Dhabi has narrowed the gap with Dubai in terms of digital asset development in the United Arab Emirates.

The UAE is far ahead of its neighbors

Among the Gulf states, the UAE is far ahead of others in the digital currency space, driven by a number of developments.Governments have taken an aggressive approach to blockchain adoption, with the Metaverse and non-fungible token (NFT).

Speaking at the World Economic Forum (WEF) in Davos, Switzerland, Thani Al-Zeyoudi, UAE Minister of State for Foreign Trade, said the country is gradually establishing a sound regulatory framework for digital currencies.

Dubai, an emirate of the country, has seized the initiative by creating a regulator and a novel licensing regime to manage operators in the digital asset space.The city also released metaverse strategyhoping to create more than 40,000 jobs in the virtual world by 2030.

Watch: Web3 and the BSV blockchain

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New to Bitcoin?View CoinGeek’s bitcoin for beginners section, learn more about the ultimate resource guide to Bitcoin — as Satoshi Nakamoto originally envisioned it — and the blockchain.

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