Abu Dhabi Starts $2B Initiative to Back Web3 Startups

The Hub71 + Digital Assets ecosystem will also back companies focusing on blockchain technologies.

AccessTimeIconFeb 15, 2023 at 1:06 p.m. UTC
Updated Jun 27, 2023 at 4:27 p.m. UTC

Hub71, Abu Dhabi's tech ecosystem, has started a $2 billion initiative to back Web3 and blockchain technology startups in the region.

The Hub71+ Digital Assets ecosystem initiative will also provide startups access to a wide range of programs and potential corporate, government and investment partners, according to a press release on Wednesday.

The program will also support businesses relocating to Abu Dhabi and promote startup growth in the Middle East and global markets.

The initiative will be based at Hub71 in the Abu Dhabi Global Market financial district. FABRIC, the research and development hub of the First Abu Dhabi Bank (FAB), is the anchor partner of the initiative, which also includes crypto exchanges and service providers.

The capital of the United Arab Emirates (UAE) has long been positive on the crypto industry. The city’s international financial center introduced digital asset regulation back in 2018.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.