HUB71 Launches New Innovation Ecosystem The first Hub71+ to launch is Hub71+ Digital Assets, focusing on unleashing the disruptive potential of web3 and the growth of digital assets
By Teena Jose •
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Hub71, Abu Dhabi's global tech ecosystem, has announced the launch of Hub71+ Digital Assets, a dedicated web3 specialist ecosystem, with more than $2 billion of capital committed to fund web3 startups and blockchain technologies from Abu Dhabi. Hub71+ is a specialist ecosystem dedicated to advancing specific technology sectors. The first Hub71+ to launch is Hub71+ Digital Assets, focussing on unleashing the disruptive potential of web3 and the growth of digital assets.
"Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Decentralisation is the future of a blockchain-based internet, and Web3 start-ups will play an immense role in accelerating this transition. Teaming up with ADGM, FAB and its research and innovation center, FABRIC, alongside the world's leading Web3 companies and enablers under one roof will provide founders with an opportunity to fundraise, develop and commercialize innovations safely while operating within the largest regulated jurisdiction of virtual assets in the MENA region," said Ahmad Ali Alwan, deputy chief executive officer of Hub71.
Web3 startups at the unicorn stage, valued at more than $1 billion, will also benefit from Hub71's value creation programme to support business relocation to Abu Dhabi and growth in the Middle East and global markets. Hub71+ Digital Assets will contribute to supporting the UAE Digital Economy Strategy, which aims to double the contribution of the digital economy to non-oil GDP to more than 20% within 10 years, according to an official statement.
"FAB is trusted as a financial partner to our customers in the real world, and those same customers are now increasingly active in the Web3 space as well. Through this partnership, it is our intent to meet our customers in this emerging digital space and keep them ahead with their financial needs," said Suhail Bin Tarraf, Group chief operating officer at First Abu Dhabi Bank (FAB).
