Hub71 launched a new growth ecosystem in Abu Dhabi for web3 startups to help them through funding and other initiatives.
The technology ecosystem in Abu Dhabi, Hub71, would support web3 startups through a new project called Hub71+ Digital Assets. The initiative, aimed at helping these startups grow, is supported by $2 billion, which would be used to help the web3 startups in Abu Dhabi through funding. The initiative also aims to help the startups grow by connecting them with various government, investment and corporate partners.
The project’s headquarters will be at Hub71 in Abu Dhabi Global Market (ADGM), providing web3 startups with an improved regulatory environment and the best infrastructure. The project to simplify the discovery, trading and custody of digital assets is led by FABRIC, the research and innovation arm of First Abu Dhabi Bank (FAB), with the support of digital asset exchanges and service providers.
The Deputy CEO of Hub 71, Ahmad Ali Alwan, has described the initiative as an indication of Abu Dhabi’s forward attitude towards blockchain and web3 startups. He voiced his support for these startups and said they would play a very important role in the future of the decentralized blockchain-based internet. He claimed that the partnerships with FABRIC, ADGM, FAB and other stakeholders would help these startups grow at a larger scale.
Other stakeholders of the initiative also spoke highly of Hub71+Digital Assets and said the project had high potential to help web3 startups grow faster. Abu Dhabi has been at the forefront of introducing several initiatives for the web3 industry in the country with the goal of becoming a crypto hub with the best of blockchain and web3 technologies.