Abu Dhabi Starts $2B Initiative to Back Web3 Startups

Hub71, Abu Dhabi’s tech ecosystem, has started a new $2 billion initiative to back Web3 and blockchain technology startups in the region.

The Hub71+ Digital Assets ecosystem initiative will also provide startups access to a wide range of programs and potential corporate, government and investment partners, according to a press release on Wednesday.

The program will also support businesses relocating to Abu Dhabi and promote startup growth in the Middle East and global markets.

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

The capital of the United Arab Emirates (UAE) has long been positive on the crypto industry. The city’s international financial center introduced digital asset regulation back in 2018.

Read more: UAE Plans to Issue a CBDC to Promote Digital Payments

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