The initiative promises to offer Web3 startups access to corporate, government, and investment partners in the global markets and the UAE.
Hub71, Abu Dhabi’s technology ecosystem, has announced a new initiative known as “Hub71+ Digital Assets,” with an impressive capital backing of more than $2 billion. The project strives to advance Web3-based innovations, including blockchain technology and metaverse applications.
This initiative is perfectly designed with the aspiration to offer Web3 startups access to a range of programs, and initiatives, coupled with government, corporate, and investment partners, government, and corporate in the global markets and the United Arab Emirates.
The Hub71+ Digital Assets initiative highlights that it wants to offer Web3 startups access to a state-of-the-art blockchain coupled with virtual asset infrastructure, and a progressive regulatory environment. The initiative will get based at Hub71 in Abu Dhabi Global Market (ADGM).
As an anchor partner of the initiative, First Abu Dhabi Bank’s research and innovation center FABRIC will partner with digital asset exchanges and service providers to facilitate the trading, discovery, and safekeeping of digital assets.
Being a part of its value creation program, Hub71 stated that it will assist businesses in expanding to Abu Dhabi and expanding their presence in the Middle East and global markets.
This program will extend to Web3 startups at the ‘unicorn’ stage, which refers to firms with a valuation of more than $1 billion. That initiative is part of Abu Dhabi’s efforts to attract and support different innovative businesses and establish the UAE as a leader in the Web3 space.
The Deputy CEO of Hub71, Ahmad Ali Alwan, stated that he believes the launch of Hub71+ Digital Assets is a symbol of Abu Dhabi’s willingness to embrace the “disruptive businesses that drive change and transformation on a global scale.”
By joining hands with FAB, ADGM, FABRIC, and prominent Web3 companies and facilitators, startups can safely develop, fund, and market innovative concepts while operating within the biggest MENA region’s regulated virtual asset jurisdiction. This partnership provides a chance for startups to thrive while catalyzing changes and growth.
The UAE government has been quite proactive in embracing blockchain technology and the emerging markets it incorporates, including the nonfungible tokens (NFTs), metaverse, and Web3.
While speaking with Bloomberg on January 20 in Davos Switzerland, UAE minister of state for foreign trade Thani Al-Zeyoudi highlighted that UAE is working on its crypto regulatory regime, with the focus on making the Gulf country a hub with crypto-friendly policies that also have adequate protections in place.Buy Bitcoin Now
In October, a Chainalysis report mentioned how the Middle East and North Africa (MENA) region is among the fastest-growing cryptocurrency markets globally. The report indicated that in 12 months, from July 2021 to June 2022, users in the MENA region got $566 billion worth of cryptos, a growth of 48% compared to 2021.