Abu Dhabi launches dedicated Web3 specialist ecosystem with access to $2b funding for Web3 startups
Hub71, Abu Dhabi-based global tech ecosystem, has launched a dedicated Web3 specialist ecosystem, Hub71+ Digital Assets, with more than $2 billion of capital committed to fund Web3 startups and blockchain technologies from the UAE’s capital.
First Abu Dhabi Bank (FAB) and its research and innovation centre, FABRIC join Hub71 as the anchor partner of Hub71+ Digital Assets. FAB will identify leading Web3 startups, entrepreneurs, and breakthrough technologies to help reimagine financial services in the metaverse.
Web3 startups, from seed to unicorn stage, will benefit from the ability to scale globally through Hub71+ Digital Assets, unlocking access to a host of programs, initiatives, and its extensive range of Web3 focused corporate, government and investment partners in the UAE and global markets. Hub71+ Digital Assets will be based at Hub71 in Abu Dhabi Global Market (ADGM) where Web3 startups can operate in a progressive regulatory environment, which offers world-class blockchain and virtual asset infrastructure.
Hub71 has also onboarded a diverse range of partners and Web3 players that form part of Hub71+ Digital Assets including digital asset exchanges and service providers (Binance and MidChains); technology providers (Amazon Web Services and Mastercard); Venture studio – facilitating the build and acceleration of new Web3 and digital assets startups (Founders DAO).
In addition venture capital funds will provide access to capital and investment opportunities including Binance Labs’ $500 million Investment Fund, Venom Foundation through its USD 1 billion in partnership with ICEBERG Capital, and access to Ton Foundations’ $250 million TONcoin.Fund. The combination of these elements aims to support participating startups to launch tokens and promote tokenization, as part of the fundraising journey.
Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, said, “Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Decentralization 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 commercialize 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 per cent within 10 years.