- Hub71 has announced an ecosystem fund for web3 startups.
- Dubbed Hub71+ Digital Assets, the fund brings together Venom Foundation’s $1 billion, Binance’s $500 million and others in $2 billion worth of commitments.
- Also joining the initiative are AWS, Mastercard, Polygon, FoundersDAO, Algorand, SUI Blockchain and Ton Foundation, among others.
Hub71 has launched the Hub71+ Digital Assets, an ecosystem fund of more than $2 billion that will back startups investing in web3 and blockchain technologies.
The fund brings together Venom Foundation’s $1 billion web3 fund announced earlier this year, Binance’s $500 million crypto fund announced last year, and the $250 million TONcoin.Fund, among others. Existing venture capital partners from Hub71 will also be joining the initiative to invest in web3 companies.
Others include AWS and Mastercard, which are accelerating the shift from web2 to web3 with their cloud infrastructure and digital payments technologies, as well as, Polygon, Algorand, and SUI Blockchain for their scalable blockchains, which are ideal for onboarding masses onto web3.
Hub71+ Digital Assets will leverage Abu Dhabi’s “progressive regulatory environment” which has contributed to the rapid adoption of blockchain and virtual asset technologies in the country.
The fund will be based at Hub71 in Abu Dhabi Global Market (ADGM), an independent financial centre located on Al Maryah Island. First Abu Dhabi Bank (FAB), the UAE’s largest bank and its research innovation hub, FABRIC has also joined Hub71 as the anchor partner of Hub71+ Digital Assets.
According to the announcement on Wednesday, FAB will identify leading Web3 startups, entrepreneurs, and breakthrough technologies to help the bank bring financial services to the metaverse.
Commenting on the launch of Hub71+ Digital Assets, Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, said: “Hub71+ Digital Assets signifies that Abu Dhabi is open to disruptive businesses driving forward change and transformation on a global level. Decentralization is the future of a blockchain-based internet, and Web3 startups will play an immense role in accelerating this transition.”
Ali Alwan also said bringing FAB, its research hub FABRIC and the world’s leading web3 companies 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.”
On the other hand, Suhail Bin Tarraf, Group Chief Operating Officer at First Abu Dhabi Bank (FAB), commented: “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. Staying ahead of the curve when it comes to innovations such as blockchain, NFTs and the metaverse, is yet another way we fulfil our Customer First promise as we leverage new opportunities at the intersection of digital identity, ownership, and value.”
Bin Tarraf said that the bank’s intention is to “meet our customers in this emerging digital space and keep them ahead with their financial needs.”
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