Web3 startups often require specialized infrastructure such as blockchain networks, decentralized storage, and peer-to-peer networks, and Abu Dhabi global technology hub Hub71 seeks to disrupt this space. It announced the launch of a specialized ecosystem focused on Web3 startups and blockchain technologies. 

With over $2 billion in committed capital, the Hub71+ Digital Assets ecosystem aims to give Web3 startups access to all stakeholders, such as venture capital companies, customers, technology providers, blockchain platforms and the regulator, the Abu Dhabi Global Market.

The anchor partner of Hub71+ Digital Assets is First Abu Dhabi Bank (FAB), and its research and innovation center, FABRIC, will help the bank leverage financial services in the metaverse. Other partners include corporate, government, and investment partners in the UAE and global markets and a range of players in the digital assets space to support the growth of Web3 startups. 

“Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. 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”, Ahmad Ali Alwan, Deputy CEO of Hub71 said. 

“This alliance will help startups and digital assets to benefit from ADGM’s diverse ecosystem and progressive regulatory environment by accessing world-class and innovative infrastructure,” Dhaher bin Dhaher Al Mheiri, CEO of ADGM, said. 

He added: “This further reinforces ADGM’s commitment to developing the UAE economy and keeping pace with global trends with a risk-based approach.”