Abu Dhabi raises $2 billion for Web3

Abu Dhabi Capital of the United Arab Emirates

Abu Dhabi,
Capital of the United Arab Emirates – Credit: Shutterstock

Abu Dhabi unveiled ” Hub71+ Digital Assets “an initiative to support the blockchain startups and Web3 based in the Gulf emirate.

Hub71an ecosystem of startups supported by the Abu Dhabi government and Mubadala Investment, has announced the launch of ” Hub71+ Digital Assets ” with the ambition to accelerate the growth of Web3 in the region.

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The program, with 2 billion dollarswill invest in start-ups specializing in NFT, the blockchainthe metaverse and the Web3 technologies in general, according to a press release.

The initiative, co-launched with First Abu Dhabi Bankwill also offer startups access to a “wide range” of services and also provide them with a “progressive regulatory environment.”

The launch of Hub71+ Digital Assets represents Abu Dhabi’s openness to disruptive businesses that drive change and transformation on a global scale. Decentralization is the future of the blockchain-based internet and Web3 startups will play an important role in accelerating this transition,” trumpeted Ahmad Ali Alwan, deputy CEO of Hub71.

It is further learned that Web3 projects wishing to move to Abu Dhabi will also be able to benefit from the initiative. “In addition, Hub71’s value creation program will support the Growth in the Middle East and global marketsincluding Web3 startups at the unicorn stage,” the statement concluded.

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With an approach known as ” progressive “on the regulation of digital assets, the United Arab Emirates attracted several crypto giants last year including Kraken and No. 1 Binance.

Earlier this month, news broke that the country plans to issue a central bank digital currency to improve the efficiency of cross-border payments.

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