US$2BILLION INVESTMENT INTO WEB3 STARTUPS
Hub71, Abu Dhabi's tech ecosystem, has started a US$2 billion initiative to back Web3 and Blockchain technology start-ups in the region.
The Hub71+ Digital Assets ecosystem initiative will also provide start-ups access to a wide range of programs and potential corporate, government and investment partners.
The program will also support businesses relocating to Abu Dhabi and promote start-up growth in the Middle East and global markets.
The initiative will be based at Hub71 in the Abu Dhabi Global Market financial district. FABRIC, the research and development hub of the First Abu Dhabi Bank (FAB), is the anchor partner of the initiative, which also includes crypto exchanges and service providers.
The capital of the United Arab Emirates (UAE) has long been positive on the crypto industry. The city’s international financial centre introduced digital asset regulation back in 2018.