JAKARTA - Abu Dhabi has launched a new $2 billion initiative to support Web3 and blockchain technology startups in the region. The Digital Hub71+ Asset Initiative is aimed at facilitating startup access to several potential programs and partners from the company's background, government, and investment.
The initiative will be based at Hub71 on the Abu Dhabi Global Market (ADGM), providing Web3 startups with progressive regulatory environments, world-class blockchains, and virtual asset infrastructure. This initiative includes FABRIC, the First Abu Dhabi Bank (FAB) research and innovation center, as the main partner of Hub71+ Asset Digital, while digital asset exchanges and service providers are part of an initiative to facilitate the discovery, trade and storage of digital assets.
Ahmad Ali Alwan, Deputy CEO of Hub71, described the Asset Digital Hub71+ as Abu Dhabi's openness to blockchain-centered ideas. He believes that decentralization is the future of blockchain-based internet, and Web3 startup is a significant catalyst for this future.
Alwan highlighted the collaborative opportunities provided by the leading ADGM, FAB, and Web3 enablers which will be very useful for startups. This is because startups will be able to raise funds, develop, and commercialize innovation safely.
Dhaher bin Dhaher Al Mheiri, CEO of ADGM, believes that the launch of the Asset Digital Hub71+ will consolidate the relationship between ADGM and Hub71. He also noted that the emergence of new technologies and ecosystems like Web3 has the potential to change the world. Al Mheiri believes that the digital landscape continues to grow, and ADGM is committed to providing a holistic facility environment. He also believes that an ADGM-backed environment will enable the adoption of secure and smooth digital assets around the world.
Suhail Bin Tarraf, COO of FAB Group, believes that this partnership will put FAB at the forefront of blockchain innovation. According to Tarraf, banks are currently gaining the same level of confidence in blockchain as it is in traditional finance. Therefore, First Abu Dhabi Bank remains in the right position to take advantage of new opportunities.
Abu Dhabi has long been a supporter of widespread adoption and implementation of cryptocurrencies. The city introduced digital asset regulations in 2018 through its international financial hub. Last month, a Abu Dhabi-based foundation introduced Web3-focused funds worth US$1 billion or Rp15.1 trillion.
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