Representatives of the Hub71 Special Zone, which is focused on technology innovation in the Abu Dhabi International Financial Centre (UAE), have just announced the Hub71+ Digital Assets initiative, which involves the allocation of $2 billion to attract blockchain and Web3 startups.
The companies will reportedly have access to a wide variety of programs and potential corporate, government and investment partners.
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Hub71+ Digital Assets' main partner is state-owned First Abu Dhabi Bank. Other partners include cryptocurrency exchanges and digital asset-related service providers.
Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71, has stated:
"The launch of Hub71+ Digital Assets represents Abu Dhabi's openness to disruptive businesses that drive change and transformation on a global scale."
In late 2021, it became known about the UAE sovereign wealth fund's interest in investing in cryptocurrency startups.