Digital Assets: Abu Dhabi Creates $2B Warchest For Web3, Blockchain, And Metaverse Startups

February 17, 2023 | Digital Assets, News, Venture Capital

The program is also partnering with top-drawer companies in associated sectors.

Abu Dhabi is committing over $2 billion to a new program, “Hub71+ Digital Assets,” aimed at financing startups in the Web3, blockchain, and metaverse application fields. This ecosystem will be located at Hub71 in Abu Dhabi Global Market (ADGM).

This initiative will provide access to various programs, investment partners, and a regulatory environment for Web3 startups, as well as offering world-class blockchain and virtual asset infrastructure.

Partners such as Binance, Amazon Web Services, Mastercard, and venture capital funds will be involved, providing access to capital and investment opportunities. The initiative aims to promote tokenization as part of the fundraising journey for participating startups.

Ahmad Ali Alwan, Deputy CEO of Hub71, said: “By collaborating with ADGM, FAB, and FABRIC, in addition to leading Web3 companies and enablers, startups will have the opportunity to fundraise, develop, and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the MENA region.”

Startups would also be able to access capital from venture capitalists including Binance Labs’ $500 million Investment Fund for Web3 and Venom Foundation’s $1 billion venture fund, Venom Venture Funds in partnership with ICEBERG Capital, and Ton Foundations’ $250 million TONcoin.Fund.

The initiative will contribute to supporting the UAE Digital Economy Strategy, which targets a contribution of the digital economy to non-oil GDP to over 20% within the next ten years.

Related Story:  G42, The Abu Dhabi AI Firm, Forms $10B Fund For Tech Investments In Emerging Markets

Photo by Kamil Rogalinski on Unsplash

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