Abu Dhabi to back the growth of Web3 startups with $2B

Abu Dhabi's exertion ecosystem, Hub71, has announced a caller inaugural called "Hub71+ Digital Assets," with a superior backing of implicit US$2 billion. This task aims to beforehand Web3-based innovations, specified arsenic blockchain exertion and metaverse applications. The inaugural aspires to supply Web3 startups with entree to a scope of programs, and initiatives, arsenic good as, corporate, government, and concern partners successful some planetary markets and the UAE.

The Hub71+ Digital Assets inaugural said it intends to supply Web3 startups with entree to a state-of-the-art blockchain and virtual plus infrastructure, arsenic good arsenic a progressive regulatory environment. This inaugural volition beryllium based astatine Hub71 successful Abu Dhabi Global Market (ADGM). As an anchor spouse of the initiative, First Abu Dhabi Bank's probe and innovation halfway FABRIC volition beryllium joined by integer plus exchanges and work providers to facilitate the discovery, trading, and safekeeping of integer assets.

As portion of its worth instauration program, Hub71 said it volition assistance businesses successful expanding to Abu Dhabi and increasing their beingness successful the Middle East and planetary markets. This programme volition widen to Web3 startups astatine the 'unicorn' stage, which refers to companies with a valuation of implicit $1 billion. This inaugural is portion of Abu Dhabi's efforts to pull and enactment innovative businesses and to found the UAE arsenic a person successful the Web3 space.

Ahmad Ali Alwan, the Deputy CEO of Hub71, said helium sees the motorboat of Hub71+ Digital Assets arsenic a awesome of Abu Dhabi's willingness to clasp “disruptive businesses that thrust alteration and translation connected a planetary scale.” By partnering with ADGM, FAB, and FABRIC, arsenic good arsenic salient Web3 firms and facilitators, startups tin safely fund, develop, and marketplace innovative concepts portion operating wrong the largest MENA region's regulated virtual plus jurisdiction. This collaboration offers an accidental for startups to thrive portion catalyzing alteration and growth.

Related: UAE Web3 ecosystem houses astir 1.5K progressive organizations: Report

The UAE authorities has been proactive successful embracing blockchain exertion and the emerging markets it encompasses, including the metaverse, nonfungible tokens (NFTs), and Web3. 

Speaking with Bloomberg connected Jan. 20 successful Davos Switzerland, UAE’s curate of authorities for overseas commercialized Thani Al-Zeyoudi suggested that UAE is moving connected its crypto regulatory regime, with the absorption connected making the Gulf state a hub with crypto-friendly policies that besides person capable protections successful place. 

In Oct. 2022, a Chainalysis study highlighted however the Middle East and North Africa (MENA) portion is 1 of the fastest-growing crypto markets globally. The study showed that successful 12 months, from July 2021 to June 2022, users successful the MENA portion received $566 cardinal worthy of cryptocurrencies, a maturation of 48% compared to 2021.