Abu Dhabi launches $2 billion fund to back Web3 startups

Representatives of Hub71, the technology-innovation-oriented free zone in the МФЦ of Abu Dhabi (UAE) announced the Hub71+ Digital Assets initiative. It envisions allocating $2 billion to attract Web3— and blockchain startups.

Entrepreneurs will have access to a broad range of programs and potential corporate, governmental, and investment partners.

Support is provided for relocating existing businesses, including unicorn status.

The main partner of Hub71+ Digital Assets is the state-owned First Abu Dhabi Bank. Also in this capacity are Bitcoin exchanges and providers of services related to digital assets.

By the end of 2021, it was reported that the UAE’s sovereign wealth fund was interested in investing in crypto startups.

In January 2023, the Abu Dhabi-licensed Venom Foundation, a blockchain platform, in partnership with Iceberg Capital, launched a venture-investment vehicle with a $1 billion mandate.