Abu Dhabi launches digital assets initiative

Hub 71, the Abu Dhabi-based tech accelerator, has launched a US$2 billion fund focused on web3 and digital assets startups.

The initiative is part of a wider strategy to develop sector-specific ‘sub hubs’ stated Hub71.

Hub71+ Digital Assets will be located in the Abu Dhabi Global Market.

First Abu Dhabi Bank and its research and innovation arm will be the anchor partner.

In addition, a number of digital asset exchanges, tech vendors and venture capital funds are involved in the project.

“Decentralization is the future of a blockchain-based internet, and Web3 startups will play an immense role in accelerating this transition,” said Ahmad Ali Alwan, deputy chief executive of Hub71.

©2023 funds global mena

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