- Abu Dhabi announces support for Hub71+ Digital Assets, promising $2 billion to the startups.
- In conjunction with ADGM, FAB, and FABRIC, Hub71 launched the project to skyrocket the UAE’s influence in the Web3 space.
- The project also supports startups relocating to Abu Dhabi.
The United Arab Emirates (UAE) is known as one of the world’s most innovative and technologically advanced countries. It is no surprise that Abu Dhabi, the capital city of UAE, announced its plans to support the growth of Web3 startups.
On February 15, the city’s technology ecosystem, Hub71, published a press release announcing the launch of its new initiative, “Hub71+ Digital Assets,” to boost the development of Web3 startups. Abu Dhabi is set to back the new project with $2 billion as it aims to accelerate Web3-based creations like metaverse applications and blockchain technology.
“This ecosystem is dedicated to promoting Web3, a decentralized online space built on innovations like blockchain technology and metaverse applications,” the press release reads.
What are the benefits of Hub71+ Digital Assets?
According to Abu Dhabi’s technology ecosystem, Hub71+ Digital Assets will offer Web3 startups permission to various initiatives and programs along with government, corporate, and investment partners in the UAE and the global markets.
The project is set to be developed at Hub71 in Abu Dhabi Global Market (ADGM), offering Web3 startups a “progressive regulatory environment” and blockchain and digital asset infrastructure.
First, Abu Dhabi Bank’s research and innovation center (FABRIC), an anchor of the Hub71+ Digital Assets project, will also be joined by digital asset service providers and exchanges to promote the trading, discovery, and storage of virtual assets.
Hub71 stated that it would not leave behind foreign startups looking to relocate to Abu Dhabi, as they will also be included in the Hub71+ Digital Assets initiative.
Commentary on the launch of Hub71+ Digital Assets
The CEO of ADGM, Dhaher bin Dhaher Al Mheiri announced that the launch of the Hub71+ Digital Assets would strengthen the union between ADGM and Hub71. He showed his support for the Web3 space by stating that the birth of new technologies and ecosystems like Web3 has the power to change the world.
Deputy Chief Executive Officer of Hub71, Ahmad Ali Alwan, indicated that the “Hub71+ Digital Assets” launch represents the city’s embrace of disruptive businesses that facilitate change and transformation on a universal scale.
He also supported the need for embracing blockchain technology by saying, “decentralization is the future of the blockchain-based internet, and Web3 startups will have an important role in driving this transition.”
The project is expected to extend to Web3 startups at the “unicorn stage.” The unicorn stage refers to projects and companies with a $1 billion valuation.
The Deputy CEO of Hub71 claimed that by partnering with ADGM, FAB (First Abu Dhabi Bank), FABRIC, and leading Web3 companies in the crypto industry, the Web3 startups would have a chance to “fundraise, create, and commercialize” innovations safely while operating inside the largest regulated zone of digital assets in the MENA (Middle East and North Africa) region.
Conclusion
The launch of Hub71+ Digital Assets is set to usher in a new era, further seating the UAE as one of the leading innovative countries in the world. With $2 billion in support for the program’s growth, Abu Dhabi is set to attract and embrace innovative Web3 businesses and investors into its city.
