Abu Dhabi launches ‘Hub71+ Digital Assets’ to accelerate growth of Web3 startups

Hub71, Abu Dhabi’s global tech ecosystem, has announced the launch of Hub71+ Digital Assets, a dedicated Web3 specialist ecosystem. It has more than $2bn of capital committed to fund Web3 startups and blockchain technologies.

Hub71+ is a specialist ecosystem dedicated to advancing specific technology sectors. Its first offering is the launch of ‘Hub71+ Digital Assets’ –  which will be based at Abu Dhabi Global Market (ADGM).

Through this ecosystem, startups, from seed to unicorn stage, can scale globally, unlocking access to programmes, initiatives, and corporate, government and investment partners.

First Abu Dhabi Bank (FAB) and its research and innovation centre, Fabric join as the anchor partner of Hub71+ Digital Assets.

FAB will identify Web3 startups, entrepreneurs and breakthrough technologies to help the bank reimagine financial services in the metaverse.

Hub71 partners

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

• Founders DAO

Venture capital funds – providing access to capital and investment opportunities

• Binance Labs’ $500m investment fund to invest in ‘Web3’
• Venom Foundation through its $1bn venture fund, Venom Venture Funds 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

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. Decentralization is the future of a blockchain-based internet, and Web3 startups will play an immense role in accelerating this transition.”

Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said: “This alliance will help startups and digital assets to benefit from ADGM’s diverse ecosystem and progressive regulatory environment by accessing world-class and innovative infrastructure. This further reinforces ADGM’s commitment to developing the UAE economy and keeping pace with global trends with a risk-based approach. We are delighted to be at the forefront of this revolution by empowering the next generation of businesses and look forward to the long-term growth it will present to the start-ups of the UAE and beyond.”

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— WAM English (@WAMNEWS_ENG) February 15, 2023

Suhail Bin Tarraf, group chief operating officer at FAB, commented: “Staying ahead of the curve when it comes to innovations such as blockchain, NFTs and the metaverse, is yet another way we fulfill our customer first promise as we leverage new opportunities at the intersection of digital identity, ownership, and value. Through this partnership, it is our intent to meet our customers in this emerging digital space and keep them ahead with their financial needs.”

Web3 startups at the ‘unicorn’ stage – companies valued at more than $1bn – will also benefit from Hub71’s value creation programme to support business relocation to Abu Dhabi and growth in the Middle East and global markets.

Read: Web3: Transforming the Middle East business landscape