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 May 9, 2023 at 4:08 a.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.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.