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Abu Dhabi starts $2B initiative to support Web3 startups

Hub71, Abu Dhabi’s tech ecosystem, has started a $2 billion initiative to assist Web3 and blockchain startups in the region. One more piece of metaverse news about Abu Dhabi.

A press release from Wednesday claims that the Hub71+ Digital Assets ecosystem initiative will also offer startups access to a vast range of programs and possible corporate, government, and investment partners.

The program will also help businesses move to Abu Dhabi and encourage the development of new businesses in the Middle East and around the world.

The project will be run out of Hub71, which is in the financial district of Abu Dhabi Global Market. The initiative’s main partner is FABRIC, the research and development hub of the First Abu Dhabi Bank (FAB). Other partners include crypto exchanges and service providers.

The UAE’s capital has been supportive of the crypto industry for a long time. In 2018, the city’s international financial center introduced digital asset regulation back.

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