1 year ago
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Nurturing Web3 Startups
Abu Dhabi in the United Arab Emirates (UAE) has launched an initiative dedicated to promoting Web3 such as blockchain and metaverse at Hub71, a technology company development project, on the 15th. It is called “Hub71+ Digital Assets” and plans to invest more than about 270 billion yen ($2 billion) to support startups.
“Hub71+ Digital Assets” will provide Web3 startups with various programs and connections with corporate, government and investment partners to enter the UAE and global markets. It gives companies the opportunity to finance, develop and commercialize their innovations.
Participating companies will also be able to use Abu Dhabi’s advanced regulatory environment and world-class blockchain and cryptocurrency infrastructure.
Hub71 is a tech startup ecosystem established within the Abu Dhabi Global Market (ADGM), a local financial center that is also responsible for regulating cryptocurrency trading. Hub71 acting CEO Ahmad Ali Alwan commented:
The launch of Hub71+ Digital Assets demonstrates Abu Dhabi’s openness to innovative businesses driving change on a global scale.
The future of the blockchain-based internet is decentralized, and Web3 startups will play a key role in accelerating this transition.
What is Web3
The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
Cryptocurrency Glossary
Cooperation with local financial centers and banks
Alwan continued to work with Abu Dhabi Global Markets (ADGM), First Abu Dhabi Bank (FAB) and FAB’s research and innovation center, FABRIC, in cultivating startups.
Shail Bin Tarraf, Chief Operating Officer of Abu Dhabi First Bank Group, emphasized that the bank is gaining more and more credibility as a financial partner in the Web3 space. He said of the partnership with Abu Dhabi Global Markets and Hub71:
With this partnership, we are at the forefront of innovations in blockchain, NFTs (Non-Fungible Tokens), Metaverse, and more.
We will leverage new opportunities at the intersection of digitized identity, ownership and digitized value to deliver on our promise to put our customers first.
Separately, Hub71 is moving businesses to Abu Dhabi and supporting “unicorn companies,” which refer to startups with a valuation of approximately ¥130 billion ($1 billion) or more.
Abu Dhabi and Dubai push cryptocurrencies
In the United Arab Emirates, Abu Dhabi and Dubai are actively pursuing cryptocurrency policies. Abu Dhabi Global Markets (ADGM) has introduced a comprehensive crypto regulatory framework since 2018, with various exchanges including Binance and Kraken licensed.
connection: Cryptocurrency exchange Kraken acquires license in UAE Abu Dhabi
The Dubai cryptocurrency regulator also just released its latest guidelines on cryptocurrencies today. In addition, Dubai is also active in Web3, and Crown Prince Hamdan has laid out a strategy to create 40,000 jobs in the Metaverse in 2022 and grow the economy to the equivalent of 540 billion yen ($4 billion).
connection: Dubai regulator announces regulatory policy on virtual currency Prohibition of highly anonymous currency
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