Abu Dhabi's Hub71 launches $2B Hub71+ for Web3 startups

Abu Dhabi's Hub71 has launched Hub71+ Digital Assets, a dedicated Web3-focused ecosystem with over $2 billion of capital focused on funding startups in the Web3 and blockchain space in the region.

Hub71+ Digital Assets, will help Web3 startups - from the seed to unicorn stages - to scale globally, provide access to programmes, initiatives, and other corporate, investment and government partners focused on Web3 in the UAE and global markets.

First Abu Dhabi Bank's innovation and research centre FABRIC has joined Hub71 as an anchor partner of Hub71+ Digital Assets. First Abu Dhabi Bank will identify top startups, technologies, and entrepreneurs in Web3 to help the bank look at its financial services in the metaverse.

Hub71 has partnered and onboarded several other players such as Binance and MidChains as digital asset exchanges and service providers, and AWS and Mastercard as technology providers that help bridge the gap between Web2 and Web3. .

Startups also have access to Ton Foundations’ $250 million TONcoin.Fund. Other blockchain partners include Polygon, Algorand, SUI Blockchain, Venom Foundation, and others.

Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, explained the creation of Hub71+ Digital Assets shows that UAE's capital is looking to encourage change and transformation. He added that decentralisation is the future of blockchain-based internet, and Web3 startups are the key.

The partnerships are all under one roof to provide founders with an opportunity to fundraise, commercialise, and develop innovations safely, all while operating within a regulated jurisdiction of virtual assets in the MENA region.

Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said newer technologies like Web3 have the potential to transform the world.

Web3 startups in the unicorn stage will also have support in terms of relocation to Abu Dhabi and gain access to the Middle Eastern and global markets.

Suhail Bin Tarraf, Group Chief Operating Officer at First Abu Dhabi Bank (FAB), said the bank's customers today are increasingly active in the Web3 space, and it makes sense for the bank to stay ahead of the curve.

The Hub71's Hub71+ Digital Assets aims to contribute towards 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.