Abu Dhabi, through its Hub71 technology ecosystem, has launched a fund to support Web3 development. The fund was funded to the tune of two billion dollars and bears the name of Hub71+ Digital Assets. It will be used for the development of Blockchain and Metaverse technologies.
Will Abu Dhabi become the leader of Web3?
The capital of the United Arab Emirates has just taken a giant step in the development of Web3. As still noted Corner Telegraph, the two billion from the Hub71+ Digital Assets fund will make it possible to create innovations in the field of Web3. But it’s not just the money. Indeed, this new ecosystem dedicated to web3 will allow startups to access government programs. It will also facilitate access to private enterprise initiatives and even global markets for startups.
Hub71+ Digital Assets will accompany any startup from creation until it becomes a unicorn. Part of the two billion comes from Binance Labs’ $500 million web3 investment fund. Another comes from the Venom Foundation’s $1 billion venture capital fund. Yet another from the $250 million Ton Foundations TONcoin.Fund.
The new Hub71 initiative will be based at the Abu Dhabi Global Market (ADGM). First Abu Dhabi Bank, through its FABRIC research center, is contributing to the project. Other players such as digital asset exchanges will join the project later.
What future for Web3 and Blockchain technology after this announcement?
The mass and state adoption of Blockchain assets may come from the leading countries in the technology. Chainalysis actually produced a report on this in October 2022. It revealed that the Middle East and North Africa (MENA) region is one of the fastest growing crypto markets in the world. world. From July 2021 to June 2022, users in this region received $566 billion in cryptocurrencies. This represents a growth of 48% compared to 2021. Hub71+ Digital Assets will undoubtedly accelerate the movement.
The United Arab Emirates do not intend to stop there. The Minister of the Economy announced the creation of headquarters dedicated to the development of the Metaverse. The development of the Blockchain is encouraged in several countries. But how to understand that crypto businesses get hunted down by American institutions?
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