Abu Dhabi Starts $2B Initiative to Back Web3 Startups

Abu Dhabi Starts B Initiative to Back Web3 Startups

Hub71, Abu Dhabi’s tech ecosystem, has launched a $2 billion initiative to support regional Web3 and blockchain technology startups.

According to a press release issued on Wednesday, the Hub71+ Digital Assets Ecosystem Initiative will also provide startups with access to a variety of programs as well as potential corporate, government, and investment partners.

The program will also assist companies relocating to Abu Dhabi and promote startup growth in the Middle East and globally.

The initiative will be headquartered at Hub71 in Abu Dhabi’s financial district. The initiative’s anchor partner is FABRIC, the First Abu Dhabi Bank’s (FAB) research and development hub, which also includes crypto exchanges and service providers.

The capital of the United Arab Emirates (UAE) has long supported the cryptocurrency industry. In 2018, the city’s international financial center implemented digital asset regulation.

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