Abu Dhabi has launched a digital ecosystem with more than US$2 billion of capital to fund Web3 start-ups and blockchain technologies from the capital of the United Arab Emirates.
Called Hub71+ Digital Assets, the ecosystem is part of the emirate’s efforts to become a world-leading technology hub. It will support the UAE Digital Economy Strategy, which aims to double the contribution of the digital economy to non-oil GDP to more than 20% within 10 years.
The centre will be based at Hub71 in the Abu Dhabi Global Market (ADGM), where Web3 start-ups can operate in a progressive regulatory environment with world-class blockchain and virtual asset infrastructure. It will support start-ups from seed to unicorn stage to enable them to scale globally through a host of programmes and initiatives, and by providing them access to a range of corporate, government and investment partners in the UAE and global markets.
First Abu Dhabi Bank (FAB), the UAE's largest bank, together with its research and innovation centre FABRIC, is the anchor partner of Hub71+ Digital Assets. FAB aims to identify leading Web3 start-ups, entrepreneurs, and breakthrough technologies that could help the bank reimagine financial services in the metaverse.
The tech hub has also onboarded a diverse range of partners and Web3 players, including digital asset exchanges and service providers Binance and MidChains, technology providers Amazon Web Services (AWS) and Mastercard, decentralized and tokenized app platform FoundersDAO, and blockchain platforms Algorand, Polygon, SUI Blockchain, the TON Foundation, and Venom Foundation.
It has also teamed up with venture capital funds such as Binance Labs’ US$500 million investment fund, Venom Foundation’s US$1 billion venture fund, and Venom Venture Funds which is in partnership with investment manager ICEBERG Capital.
Ahmad Ali Alwan, deputy chief executive officer of Hub71, comments: “Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Decentralization is the future of a blockchain-based internet, and Web3 start-ups 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 commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the MENA region.”
Meanwhile, the Dubai-based TON Foundation, a non-profit association of developers and enthusiasts that seeks to advance The Open Network (TON), has opened up its ecosystem to start-ups and investors based at Hub71+ Digital Assets. TON aims to empower Telegram users with Web3 capabilities.
The move will give start-ups based at Hub71+ Digital Assets the opportunity to apply for funding with the US$250 million TONcoin.Fund. The fund is interested in meeting teams that are building TON-native products, aimed at tapping into 700 million monthly active users on Telegram Messenger.
Source: https://www.theasset.com/article/48683/abu-dhabi-launches-us2-billion-fund-for-web3-start-ups