Abu Dhabi pledges $2 billion to support Web3 startups | coindesk JAPAN | coindesk Japan

Hub71, a technology ecosystem in the United Arab Emirates (UAE) capital Abu Dhabi, will invest $2 billion in supporting Web3 and blockchain technology startups in the region.

According to a February 15 press release, the Hub71+ Digital Assets initiative will provide startups with access to a wide range of support programs, as well as potential corporate, government and investment partners. It will also support companies relocating to Abu Dhabi and facilitate the growth of start-ups in the Middle East and global markets.

The concept will be based at Hub71 in the financial district of Abu Dhabi Global Markets. FABRIC, the research and development arm of First Abu Dhabi Bank (FAB), is a partner in the initiative, which also includes a cryptocurrency exchange and service provider.

Abu Dhabi has long been positive about the cryptocurrency industry. The city’s international financial center introduced cryptocurrency regulations in 2018.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Shutterstock
｜Original: Abu Dhabi Starts $2B Initiative to Back Web3 Startups