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Tuesday, March 21, 2023

Hub71 Launches Program to Fund Web3 Startups

Hub71 Launches Program to Fund Web3 Startups

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

Hub71+ is a professional ecosystem dedicated to advancing a specific technology field. The first Hub71+ to launch is “Hub71+ Digital Assets” – focused on unlocking the disruptive potential of Web3 and the growth of digital assets.

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.

Hub71+ Digital Assets will be based at Hub71 in the Abu Dhabi Global Market (ADGM), where Web3 startups can operate in a progressive regulatory environment, offering world-class blockchain and virtual asset infrastructure.

First Abu Dhabi Bank (FAB) is the largest bank in the UAE and one of the largest and safest financial institutions in the world. Its research and innovation center FABRIC joins Hub71 as the main partner of Hub71+ digital assets. FAB will identify leading Web3 startups, entrepreneurs and breakthrough technologies to help the UAE’s largest bank reimagine financial services in the Metaverse.

Hub71 also joins various partners and Web3 players that form part of the Hub71+ digital assets, including:

Digital asset exchange and service provider – Facilitate the discovery, trading and custody of digital assets
• Binance and MidChains

technology provider – Bridging the gap between Web2 and Web3 and providing an efficient infrastructure platform
• Amazon Web Services (AWS) and MasterCard

Entrepreneurial studio – Facilitate the construction and acceleration of new Web3 and digital asset startups
• Founder DAO

venture capital fund – Provide access to capital and investment
• Binance Labs’ $500 million investment fund to invest in “Web3”
• The Venom Foundation, through its $1 billion venture fund, Venom Venture Funds (VVF), 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

The combination of these elements aims to support participating startups to launch tokens and facilitate tokenization as part of the fundraising process.

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.

“Collaborating with ADGM, FAB and its research and innovation center FABRIC, and the world’s leading Web3 companies and enablers under one roof will provide founders with an opportunity to securely fundraise, develop and commercialize their innovations, while at the largest Operating assets in the MENA region within a virtual regulated jurisdiction.”

Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said: “We are delighted to strengthen our partnership with Hub71 with the launch of the Hub71+ digital asset. In today’s rapidly evolving digital environment, we see the rise of new technologies and ecosystems, such as It has 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 development of this new digital landscape. The consortium will help startups and digital assets through access to world-class innovation infrastructure Benefit from ADGM’s diverse ecosystem and advanced regulatory environment.

“This further reinforces ADGM’s commitment to growing the UAE’s 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 the Long-term growth for start-ups in China and elsewhere,” he added.

Suhail Bin Tarraf, Group Chief Operating Officer, First Abu Dhabi Bank (FAB), commented: “FAB is trusted as a financial partner to real-world clients who are now also increasingly active in the Web3 space. Staying at the forefront of innovations such as , NFT, and 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, we intend to Meeting our clients in this emerging digital space and keeping them ahead of their financial needs.”

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. – trade arab news agency

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