It seems like Wall Street is old news now!
The UAE’s welcoming stance towards cryptocurrencies and strong governance has enticed several major companies to explore opportunities in the Middle East. One standout is Hashed Ventures, a South Korea-based crypto venture capital firm managing over $700 million in assets, which is now expanding to Abu Dhabi in partnership with Hub71.
What’s driving this move, and could Abu Dhabi become the next crypto capital? Read on to find out!
According to a Bloomberg report, this move aims to leverage Abu Dhabi’s favorable regulatory environment for cryptocurrencies and its strategic geographical location. Hashed Ventures, already active in Singapore and San Francisco, sees Abu Dhabi as a crucial hub for expanding its global footprint.
CEO Simon Kim highlighted the necessity of global expansion due to Korea’s declining population, emphasizing the international prowess of Korean entrepreneurs. Hashed Ventures plans to explore fundraising opportunities in Abu Dhabi, attracted by its supportive regulatory framework for the crypto industry. Notably, Abu Dhabi’s Hub71, renowned for its $2 billion program for Web3 companies, is set to facilitate Hashed Ventures’ integration into the local market.
Ahmad Ali Alwan, CEO of Hub71, expressed enthusiasm about bringing more South Korean startups to Abu Dhabi. The company is focused on a long-term strategy to expand internationally and actively participate in the digital asset market.
Hashed Ventures has invested in high-profile crypto projects like Axie Infinity, dYdX, and Yuga Labs (creator of Bored Ape Yacht Club). Their alignment with Abu Dhabi’s $2 billion digital asset initiative underscores their commitment to bolstering the city’s position as a global leader in crypto innovation.
Abu Dhabi is rapidly becoming a favored destination for Web3 companies in the Middle East. Klumi Ventures recently became the first Web3 VC firm to obtain a UAE license from the FSRA of ADGM, signaling Abu Dhabi’s ascent as a hub for digital asset ventures. Singapore-based QCP is also expanding into Abu Dhabi, recognizing its increasing role in institutional crypto activities.
The UAE as a whole is witnessing growing interest in Web3 technologies, with Crypto.com launching its institutional exchange in Dubai and Binance consolidating its UAE operations under Binance FZE in Dubai after securing a VASP license.
Read Also: Binance Scores Landmark VASP License in Dubai, UAE Users to Migrate
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