- Abu Dhabi publicized a new initiative named Hub71+ Digital assets.
- The Hub71+ ecosystem is committed to spending over 2 billion US dollars for the startups of Web3 and blockchain technology.
- The UAE government has been active in the adoption of blockchain technology.
According to a press release of 15 February 2023, UAE’s Abu Dhabi-based Hub71 tech ecosystem has launched a new initiative known as Hub71+ Digital assets.
The motive behind developing this new initiative is to accelerate Web3 technology, a decentralized online space that is built on innovations such as blockchain technology and metaverse applications.
The Hub71+ ecosystem is committed to spending over 2 billion US dollars for the startups of Web3 and blockchain technologies inside Abu Dhabi. Hub71+ Digital Assets will give Web3 startups access to a wide range of programs, initiatives and corporate, government and investment partners in the United Arab Emirates and international markets.
According to the released report, Deputy Chief Executive Officer of Hub71, Ahmad Ali Alwan, said that 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 a key role in accelerating this change.
Further, Mr. Alwan added that by partnering with ADGM, FAB and FABRIC, as well as leading Web3 firms and facilitators, startups can safely fund, develop and bring innovative concepts to market while operating within the largest MENA region’s regulated virtual asset jurisdiction. This collaboration provides startups with an opportunity to thrive while catalyzing change and growth.
The UAE government has been active in the adoption of blockchain technology and the emerging markets it covers, including the Metaverse, non-fungible tokens and Web3.
The CEO of the Abu Dhabi global market, Dhaher bin Dhaher Al Mheiri, Commented that the launch of Hub71+ Digital Assets would strengthen the association between ADGM and Hub71. He added that “in a fast developing digital landscape, the growth of new technologies and ecosystems such as Web3 has the future to change the world, and ADGM is committed to providing integrated ecosystems that clear the way for absolute and secure adoption of crypto currencies.
The Group Chief Operating Officer at FAB, Suhail Bin Tarraf, mentioned that “ emphasized that the bank is trusted as a financial partner to its customers in the real world and increasingly in the Web3 space. Mr. Tarraf also believes that this partnership will offer FAB to continue onwards ahead of the curve when it comes to transformations such as NFTs, blockchain, and the metaverse, and fulfill their Customer First promise by exploiting new opportunities at the intersection of digital identity, license, and value.
In addition, Hub71’s value creation program will support business relocation to Abu Dhabi and growth in the Middle East and global markets, including Web3 startups at the ‘unicorn’ stage, which are companies valued at over $1 billion