This project aims to advance Web3-based innovations, such as blockchain technology and metaverse applications
Abu Dhabi’s technology ecosystem, Hub71, has announced a new initiative called “Hub71+ Digital Assets,” with a capital backing of more than $2 billion. This project aims to back Web3-based innovations, such as blockchain technology and metaverse applications. The initiative aims to provide Web3 startups with access to a variety of programs and initiatives, corporate, government, and investment partners in world markets as well as the United Arab Emirates (UAE).
According to the Hub71+ Digital Assets initiative, it plans to impart Web3 startups with access to a state-of-the-art blockchain and virtual asset infrastructure and a progressive regulatory environment.
This initiative will be located at Hub71 in Abu Dhabi Global Market (ADGM). As an anchor partner of the initiative, First Abu Dhabi Bank’s research and innovation centre FABRIC will be joined by digital asset exchanges and service providers to facilitate the discovery, trading and safekeeping of digital assets.
Hub71 said that as part of its value creation program it will assist businesses in expanding to Abu Dhabi and increasing their presence in the Middle East and world markets.
This program will expand to Web3 startups at the “unicorn” level, which refers to firms with a valuation of more than $1 billion. This initiative is part of Abu Dhabi’s endeavours to attract and help innovative businesses and to establish the United Arab Emirates as a Web3 leader.
According to Ahmad Ali Alwan, the deputy Chief Executive Officer of Hub71, he sees the launch of Hub71+ Digital Assets as a sign of Abu Dhabi’s keenness to adopt “disruptive businesses that drive change and transformation on a global scale.”
By partnering with Abu Dhabi Global Market, FAB, and FABRIC and eminent Web3 companies and facilitators, startups can securely fund, develop, and market innovative concepts while operating within the biggest MENA region’s regulated virtual asset jurisdiction. This partnership offers an opportunity for startups to flourish while catalyzing change and growth.
The United Arab Emirates government has been proactive in adopting blockchain technology and the developing markets it encompasses, including the metaverse, NFTs and Web3.
The United Arab Emirates’ minister of state for foreign trade, Thani Al-Zeyoudi, told Bloomberg on January 20 from Davos, Switzerland, that the United Arab Emirates is working on its crypto regulatory regime, with a focus on making the country a centre with crypto-friendly policies that also have adequate protections in place.
