Hub71, Abu Dhabi’s global tech ecosystem, today announced the launch of 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 one of the world's largest and safest financial institutions, 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:
Digital asset exchanges and service providers - facilitating the discovery, trading and custody of digital assets
Binance and MidChains
Technology Providers – bridging the gap between Web2 and Web3 and providing effective infrastructure platforms
Amazon Web Services (AWS) and Mastercard
Venture studio – facilitating the build and acceleration of new Web3 and digital assets startups
Venture capital funds - providing access to capital and investment opportunities
- Binance Labs’ $500 million Investment Fund to invest in ‘Web3’
- Venom Foundation through its USD 1 billion venture fund, Venom Venture Funds (VVF) in partnership with ICEBERG Capital an ADGM regulated investment manager
- Startups will also be able to gain access to Ton Foundations’ $250 million TONcoin.Fund
- Additionally, existing venture capital partners from Hub71 are set to invest in Web3 companies
Blockchain platforms – enabling transparent recording, tracking, and sharing of assets
Algorand, Polygon, SUI Blockchain, Ton Foundation, and Venom Foundation
The combination of these elements aims to support participating startups to launch tokens and promote tokenisation, as part of the fundraising journey.
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.
Web3 startups can apply now at https://hub71.com/plus/digitalassets to join Hub71+ Digital Assets, and benefit from Hub71’s range of incentives and value-creation programs that support the growth of Web3 startups.