Hub71, the global tech ecosystem in Abu Dhabi, has launched a new dedicated ecosystem called ‘Hub71+ Digital Assets,’ which is focused on advancing Web3 and digital assets through the deployment of over $2 billion of funding for Web3 startups and blockchain technologies.
This platform is designed to support startups across all stages of development, from seed to unicorn, and help them scale globally through a range of programs and initiatives. Hub71+ Digital Assets is located in Hub71 within Abu Dhabi Global Market, which provides a forward-thinking regulatory environment with exceptional blockchain and virtual asset infrastructure.
FAB, the UAE’s largest bank, and its research and innovation center, FABRIC, are the anchor partners of Hub71+ Digital Assets, offering their expertise to identify top Web3 startups and innovative technologies that will enable FAB to reimagine financial services in the metaverse.
Hub71+ Digital Assets partners:
Digital asset exchanges and service providers – facilitating the discovery, trading and custody of digital assets
- Binance and MidChains
Technology Providers –bridging the gap between Web2 and Web3 and providing effective infrastructure platforms
- Amazon Web Services (AWS) and Mastercard
Venture studio – facilitating the build and acceleration of new Web3 and digital assets startups
- Founders DAO
Venture capital funds – providing access to capital and investment opportunities
- Binance Labs’ $500 million Investment Fund to invest in ‘Web3’
- Venom Foundation through its USD 1 billion venture fund, Venom Venture Funds (VVF) in partnership with ICEBERG Capital an ADGM regulated investment manager
- Startups will also be able to gain access to Ton Foundations’ $250 million TONcoin.Fund
- Additionally, existing venture capital partners from Hub71 are set to invest in Web3 companies
Blockchain platforms – enabling transparent recording, tracking, and sharing of assets
- Algorand, Polygon, SUI Blockchain, Ton Foundation, and Venom Foundation
The combination of these elements aims to support participating startups to launch tokens and promote tokenisation, as part of the fundraising journey.
“Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level,” said Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71.
“Decentralisation is the future of a blockchain-based internet, and Web3 startups will play an immense role in accelerating this transition. Teaming up with ADGM, FAB and its research and innovation center, FABRIC, alongside the world’s leading Web3 companies and enablers under one roof will provide founders with an opportunity to fundraise, develop and commercialise innovations safely while operating within the largest regulated jurisdiction of virtual assets in the MENA region.”
Web3 startups at the ‘unicorn’ stage – companies valued at more than $1 billion – will also benefit from Hub71’s value creation program to support business relocation to Abu Dhabi and growth in the Middle East and global markets.
Hub71+ Digital Assets will contribute to supporting the UAE Digital Economy Strategy, which aims to double the contribution of the digital economy to non-oil GDP to more than 20 percent within 10 years.
