Hub71, Abu Dhabi’s global technology ecosystem, just launched a new initiative for Web3 startups called “Hub72+ Digital Assets.” The fund has $2 billion in assets ready to support rising Web3 startups from seed to unicorn stage.
Binance Labs, Venom Foundation, and the Ton Foundation have invested significant capital in the venture, and other partners from Hub71 are set to invest soon.
Startups that are selected will be able to use the fund for programs and initiatives, and gain access to Hub71’s wide range of partners in the United Arab Emirates (UAE) and throughout the world.
The largest bank in the UAE, Abu Dhabi Bank (FAB), will be the anchor partner of Hub71+ Digital Assets. FAB will assist in identifying innovative Web3 entrepreneurs, startups, and technologies as it reimagines financial services in the metaverse. Some of Hub71’s other partners for the ambitious venture include:
- Amazon Web Services (AWS) and Mastercard. To bridge the gap between Web2 and Web3.
- Algorand, Polygon, Ton Foundation, Venom Foundation, and SUI Blockchain. To enable the transparent tracking, recording, and sharing of assets.
- Binance and Midchains. Digital asset exchanges and service providers.
These companies will assist the chosen startups with fundraising efforts and launching tokens. Hub71 will also help businesses relocate to Abu Dhabi to foster Web3 innovation in the Middle East.
The Deputy Chief Executive Officer of Hub71, Ahmad Ali Alwan, said the new venture signals Abu Dhabi “is open to disruptive businesses” driving change and transformation throughout the world. He added that he believed the future of a “blockchain-based internet” would depend greatly on Web3 startups.
Hub71+ Digital Assets will be based at Hub71 in the Abu Dhabi Global Market (ADGM) financial district.
The United Arab Emirates Is All-In On Web3
The new Hub71+ Digital Assets fund is big news for Web3, especially entrepreneurs and startups that seek guidance and funding to pursue their projects. But the fact it’s coming out of the United Arab Emirates should come as no surprise. At Rarity Sniper, we’ve written several articles about the Middle Eastern country’s continued interest in Web3. Let’s take a look at some of the stories.
First, about four months ago, the Dubai-based Commercial Bank International (CBI) launched a virtual branch in Decentraland. With the move, it became the first UAE bank to enter the metaverse.
Next, three months ago, the Crown Prince of Dubai approved the latest phase of the “Dubai Metaverse Strategy.” The Web3 strategy is focused on the digital economy and transforming Dubai into one of the top metaverse economies in the world.
Finally, last month, the Dubai Verse Cup (DVCC) teamed up with the Dubai Racing Club (DRC) to bring horse racing into the metaverse. Now users can use a smartphone or AR and VR device to enjoy immersive play-to-earn (P2E) horse racing experiences.
The United Arab Emirates is clearly looking to become a top country in Web3, and the new $2 billion fund from Hub71+ Digital Assets might prove to be its most important investment yet. We’ll be following up on any developments in the story.