New specialist ecosystem at Hub71 to benefit from the regulated environment of Abu Dhabi Global Market (ADGM), reinforcing Abu Dhabi as a world-leading tech hub for Web3 startups and digital assets.
Hub71, Abu Dhabi’s global tech ecosystem, has launched Hub71+ Digital Assets, a dedicated Web3 specialist ecosystem, with more than $2 billion of capital committed to funding Web3 startups and blockchain technologies from the UAE’s capital. Hub71+ is a specialist ecosystem dedicated to advancing specific technology sectors. The first Hub71+ to launch is ‘Hub71+ Digital Assets’ – focused on unleashing the disruptive potential of Web3 and the growth of digital assets.
Web3 describes the evolution of the internet into a decentralised online space increasingly built on innovations such as blockchain technology and metaverse applications. 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.
First Abu Dhabi Bank (FAB), the UAE’s largest bank 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 the UAE’s largest bank reimagine financial services in the metaverse. Hub71 has also onboarded a diverse range of partners and Web3 players that form part of Hub71+ Digital Assets including, Binance and MidChains, Amazon Web Services (AWS) and Mastercard, Founders DAO, Polygon, SUI Blockchain, Ton Foundation, and Venom Foundation to name a few.
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. 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 centre, 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 per cent within 10 years.
