Abu Dhabi's Hub71 Launches $2 Billion Initiative to Fund Web3 Startups

Abu Dhabi’s Hub71 Launches $2 Billion Initiative to Fund Web3 Startups

Updated: 15 February 2023

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Abu Dhabi’s technology ecosystem, Hub71, has launched a new initiative, Hub71+ Digital Assets, to support the region’s Web3 and blockchain technology startups.

What: Hub71, Abu Dhabi’s tech ecosystem, has launched, Hub71+ Digital Assets, a new $2 billion fund to support blockchain and Web3 start-ups in the region.

Why: The initiative aims to accelerate the growth of the Web3 industry in the region by offering Web3 start-ups access to programs and potential partners.

What next: The initiative will significantly impact the growth and development of the Middle East’s Web3 and blockchain technology industry.

Hub71+ Digital Assets is a specialized Web3 ecosystem with a fund of over $2 billion. The fund will finance startups and accelerate the growth of the Web3 industry in the region. The Hub71+ Digital Assets ecosystem initiative will provide startups access to programs and potential partners. Such partners will include corporate, government, and investment partners. The initiative will also support businesses relocating to Abu Dhabi and promote startup growth in the Middle East and globally.

Hub71+ Digital Assets is based at Hub71 in the Abu Dhabi Global Market (ADGM) financial district. FABRIC, the research and development hub of the First Abu Dhabi Bank, is the anchor partner of the initiative. FAB will identify promising Web3 startups, innovators, and cutting-edge technologies that will help the bank reimagine financial services in the metaverse. Other partners in the initiative include crypto exchanges and service providers. Such partners will make it easier to discover, trade and manage digital assets.

Through the initiative, Abu Dhabi aims to provide startups with the necessary resources and support to succeed in the industry. With the help of private and government partners, the initiative has the potential to significantly impact the growth and development of the Web3 and blockchain technology industry in the region.

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