- This initiative hopes to promote blockchain technology and metaverse applications.
- Hub71 at Abu Dhabi Global Market (ADGM) will serve as the initiative’s home base.
Abu Dhabi’s digital ecosystem, Hub71, has unveiled a new venture named “Hub71+ Digital Assets.” This is with the financial backing of over US$2 billion. Among the Web3-based technologies that this initiative hopes to promote are blockchain technology and metaverse applications.
Web3 firms will have access to cutting-edge blockchain and virtual asset infrastructure. Thanks to the Hub71+ Digital Assets project, which also promises a forward-thinking regulatory climate.
Furthermore, Hub71 at Abu Dhabi Global Market (ADGM) will serve as the initiative’s home base. Digital asset exchanges and service providers will join First Abu Dhabi Bank’s research and innovation center FABRIC as an anchor partner of the project to ease the process of identifying, trading, and storing digital assets.
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Moreover, Hub71 has announced that it would assist firms in their expansion to Abu Dhabi. And further expansion across the Middle East and worldwide markets as part of its value-creation initiative.
The “unicorn” stage of a Web3 firm is defined as a value of over $1 billion, hence this initiative will also include such enterprises. As part of Abu Dhabi’s larger strategy to position the United Arab Emirates (UAE) as a global leader in the Web3 sector, this programme is being launched to help creative enterprises thrive in the city.
Startups may get funding, develop and sell novel ideas, and operate under the biggest regulated virtual asset jurisdiction in the MENA area by collaborating with ADGM, FAB, FABRIC, and other renowned Web3 enterprises and facilitators. This partnership may help firms expand and adapt to new circumstances.
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