Abu Dhabi’s tech ecosystem, known as Hub71, has announced a new initiative called “Hub71+ Digital Assets,” backed by more than $2 billion in capital.
The project aims to promote Web3-based innovations, such as blockchain technology and metaverse-related applications.
The initiative aims to provide Web3 startups with access to a range of programs and initiatives, as well as corporate, government and investment partners, both in global markets and in the UAE.
In addition, Hub71+ Digital Assets aims to provide access to a state-of-the-art blockchain and virtual asset infrastructure, as well as a progressive regulatory environment.
Collaboration.
This initiative will build on Hub71 at the Abu Dhabi Global Market (ADGM). As a key partner in the initiative, First Abu Dhabi Bank’s FABRIC research and innovation center will be supported by digital asset exchanges and service providers to jointly facilitate the discovery, trading and custody of digital assets.
As part of the value creation program, Hub71 said it will help companies expand in Abu Dhabi and increase their presence in the Middle East and global markets.
Expanding to unicorn startups
The program will be extended to Web3 startups that are at the “unicorn” stage, which refers to companies with a valuation of more than $1 billion. This initiative is part of Abu Dhabi’s efforts to attract and support innovative companies and establish the UAE as a leader in the Web3 space.
By partnering with ADGM, FAB and FABRIC, as well as prominent Web3 companies and intermediaries, startups can safely fund, develop and commercialize innovative ideas while operating within the regulated virtual assets jurisdiction of the largest MENA region.
This partnership provides an opportunity for startups to thrive while catalyzing change and growth.
Preemptive action by the UAE
The UAE government has been proactive in its adoption of blockchain technology and the emerging markets it encompasses, including the metaverse, non-fungible tokens, and Web3.
The UAE is working on its cryptocurrency regulatory regime, with a focus on making the Gulf country a hub with cryptocurrency-friendly policies that also have adequate protections, UAE Minister of Foreign Trade Thani Al-Zeyoudi told Bloomberg on Jan. 20 from Davos, Switzerland.
Rapid development
In October, a report by Chainalysis highlighted how the Middle East and North Africa (MENA) region is one of the fastest growing cryptocurrency markets in the world.
The report showed that in the 12 months from July 2021 to June 2022, users in the MENA region received $566 billion worth of cryptocurrency, a 48% increase from 2021.
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