Abu Dhabi’s Global Tech Ecosystem Hub71 Launches $2B Initiative to Fund Web3 Startups
In Brief
Hub71 has launched Hub71+ Digital Assets to fund Web3 startups and blockchain technologies.
Binance Labs, Venom Foundation and Ton Foundation have contributed to Hub71+ Digital Asset’s $2 billion fund.
The initiative has partnered with Algorand, Polygon, and SUI Blockchain to enable transparent tracking of assets.
Abu Dhabi’s global tech ecosystem, Hub71, has launched a new initiative to fund web3 startups named Hub71+ Digital Assets.
Hub71+ Digital Assets claims it has more than $2 billion of capital committed to supporting web3 startups and blockchain technologies from seed to unicorn stage. Part of the capital comes from Binance Labs’ $500 million web3 investment fund, Venom Foundation’s $1 billion venture fund, and Ton Foundations’ $250 million TONcoin.Fund. Additionally, existing venture capital partners from Hub71 are also set to invest in web3 companies.
Through the new web3 specialist ecosystem, startups can access programs, initiatives, and Hub71+ Digital Asset’s 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 that offers blockchain and virtual asset infrastructure.
Abu Dhabi Bank (FAB), the UAE’s largest bank, and its research and innovation center FABRIC are joining 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:
- Binance and Midchains as digital asset exchanges and service providers.
- Amazon Web Services (AWS) and Mastercard as technology providers bridge the gap between web2 and web3.
- Founders DAO to facilitate the build and acceleration of new web3 and digital assets startups.
- Algorand, Polygon, SUI Blockchain, Ton Foundation, and Venom Foundation enable transparent recording, tracking, and sharing of assets.
These partners will support participating startups in launching tokens and promoting tokenization as part of the fundraising journey.
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,
Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, said in a press release.
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% within ten years.
Last September, the UAE Ministry of Economy announced that it would be building a metaverse headquarters to “bolster the UAE’s ability to become a global hub for next-generation technologies.” Meanwhile, the Crown Prince of Dubai introduced a 100-day metaverse strategy aimed at government organizations and businesses.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
