Abu Dabi Raised $2 Billion Fund For Web3

Maxwell Williams
Maxwell Williams Crypto
3 Min Read

In a groundbreaking move, Abu Dhabi has allocated two billion dollars to launch the Hub71+ Digital Assets Fund. This fund will finance and support Web3 development through its technology ecosystem, Hub71. It will also be used to advance Blockchain and Metaverse technologies essential in revolutionizing modern-day businesses.

This Fund Could Make Abu Dhabi a Web3 Capital

The capital of the United Arab Emirates has made a massive stride in advancing Web3 with its substantial two billion Hub71+ Digital Assets fund. As Cointelegraph reported, it will allow for further innovations within this field. However, that’s not all; startups can now enjoy access to government programs, private enterprise initiatives, and global markets they would have never had before joining this new web3 ecosystem!

Hub71+ Digital Assets will be with startups from their initiation to the point of unicorn status. A massive two billion comes from Binance Labs’ $500 million web3 investment fund, Venom Foundation’s $1 billion venture capital fund, and Ton Foundation TONcoin Fund of a whopping $250 million!

abu dabi raised $2 billion fund for web3

The Abu Dhabi Global Market (ADGM) will be the site of Hub71, a revolutionary initiative. To begin with, Abu Dhabi Bank’s FABRIC research facility is contributing towards this venture, and other digital asset exchanges are set to join soon afterward.

The Region Is One Of The Fastest Growing Crypto Markets

The worldwide acceptance of Blockchain assets will very likely originate from the leading countries in terms of technology. Chainalysis put together a report on this topic that was released in October 2022, which enlightened us to the fact that the Middle East and North Africa (MENA) is one of the quickest-growing cryptocurrency markets around. From July 2021 through June 2022 alone, users within this area obtained $566 billion worth of digital currencies; an increase amounting to 48% more than what had been seen during 2021. It’s certain that Hub71+ Digital Assets will encourage further progress concerning these trends.

Abu Dhabi is determined to make strides in the industry and has recently announced plans for its dedicated headquarters devoted solely to Metaverse’s expansion. The Minister of Economy declared this venture a priority, aiming to push boundaries never before seen in the digital world.

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I am Maxwell - my friends call me Maxy, graduated from Pomona College in Economics. I have a highly quantitative and analytical background with work experience in corporate finance, valuations, and strategic advisory services. My diverse background has allowed me to gain experiences in various industries geographies and enabled me to acquire an international and comprehensive perspective.
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