Abu Dhabi, through its technology ecosystem, has announced a USD 2 billion fund to support blockchain and Web3 tech startups in the United Arab Emirates.
The initiative for the virtual assets ecosystem, called Hub71+, will also enable startups to benefit from a variety of programmes and partners from the investment, corporate, and government worlds. The information came on the 15th of February from an official press release.
The Hub71+ programme is also designed to back merchants that wish to relocate to the UAE region. Hub71+ will be used to encourage the growth of startups throughout the Middle East and worldwide markets.
The Hub71+ digital assets initiative will have its headquarters in the Global Market financial district of Abu Dhabi. The anchor partner of the Hub71+ programme will be the research and development FABRIC, belonging to FAB (First Abu Dhabi Bank). The initiative will also include partners such as service providers and crypto trading platforms.
Abu Dhabi is the United Arab Emirates’ capital city. The UAE capital has shown for quite some time a positive attitude towards the cryptocurrency industry. Abu Dhabi, through its global financial center has adopted regulations for digital assets since 2018.
