Abu Dhabi has recently announced the creation of a $2 billion fund to support Web3 startups, as part of the UAE’s initiatives to establish itself as a premier centre for technological innovation and investment. The decentralised network known as Web3 is driven by blockchain technology, which opens up new commercial options and business models that were not conceivable with the conventional online.
The Hub71 technological ecosystem in Abu Dhabi has unveiled a brand-new project called “Hub71+ Digital Assets” with a capital backing of more than US$2 billion. This initiative intends to enhance Web3-based technologies including blockchain and metaverse software. The project aims to give Web3 companies access to a number of projects, programmes, and corporate, governmental, and investment partners in both international and UAE markets.
According to the Hub71+ Digital Assets project, it aims to give Web3 startups access to cutting-edge blockchain and cryptocurrency-related infrastructure as well as an advanced regulatory setting. Technology platform exchanges and service providers will join First Abu Dhabi Bank’s academic and creative centre FABRIC as an anchor partner of the project to make it easier to find, trade, and store digital assets.
Web3 startups at the “unicorn” stage—companies valued at more than $1 billion—will be included in this programme. This programme is a part of Abu Dhabi’s initiatives to support and encourage creative companies and position the UAE as a leadership in the Web3 industry.
The UAE has taken it upon itself to embrace blockchain technology and the new industries it includes, such as Web3, the virtual world, and non-fungible tokens. Thani Al-Zeyoudi, the UAE’s minister in charge for international trade, stated that the nation is starting to work on its legal regime for cryptocurrencies with the goal of making the Gulf nation a centre with symmetric encryption policies and adequate safeguards in place.
The Middle East and North Africa area is one of the crypto marketplaces with the quickest rate of growth internationally, according to a Chainalysis analysis published in October. The survey revealed that consumers in the MENA region got $566 billion in cryptocurrency over the course of a year, from July 2021 to June 2022, an increase of 48% from 2021.
In conclusion, Abu Dhabi established a $2 billion fund to assist Web3 startups as a sign of its dedication to innovative products. By strengthening Web3-based technologies like blockchain and metaverse technology, the Hub71+ Digital Assets programme aims to give enterprises access to trying to cut technology and a complex regulatory framework. The initiative will assist businesses in expanding their share of the market in the Middle East and other areas. The UAE is a champion in its sector as a result of its attempts to embrace blockchain technology and the new industries it contains, such Web3 and non-fungible currency. One of the fastest-growing cryptocurrency markets in the world is in the Middle East and North Africa, offering this project a chance for businesses to thrive while sparking change and development.
