Hashed Ventures, a crypto venture capital firm based in Seoul, South Korea, is set to expand its operations into Abu Dhabi through a strategic partnership with the city’s tech ecosystem group, Hub71, according to Bloomberg.
CEO Simon Kim reportedly announced that the firm will establish a local office in Abu Dhabi and is exploring fundraising opportunities in the region.
The firm also aims to assist Korean startups in entering the UAE market, particularly in the fintech and blockchain sectors. Kim revealed that Hashed is already collaborating with South Korean companies valued at over $1 billion to facilitate their move to Abu Dhabi.
Highlighting the appeal of Abu Dhabi, Kim noted the city’s favourable regulatory environment for Web3 startups.
“We consider the UAE a very special market due to its clear and friendly regulatory guidance for Web3 startups,”
Kim stated
He added that challenges such as a declining local population and domestic market difficulties make overseas locations like the UAE more attractive for South Korean crypto entrepreneurs and talent.
Ahmad Ali Alwan, the CEO of Hub71, expressed his excitement and anticipation for the future partnership. He said,
“We are excited about the prospect of welcoming more Korean startups to Abu Dhabi and attracting the most promising Web3 and digital asset technologies to the UAE capital.”
Notably, Hub71 is located in the Abu Dhabi Global Market financial district, a part of the government’s efforts to make the region a global leader in the new monetary system by encouraging private participation.
Meanwhile, Hub71 recently launched a $2 billion initiative, the “Hub71+ Digital Assets”, to support the region’s Web3 and blockchain technology startups. The initiative will provide access to a range of programs and connect them with potential corporate, government, and investment partners. It also aims to support businesses relocating to Abu Dhabi and promote the growth of startups in the Middle East and global markets.
FABRIC, First Abu Dhabi Bank (FAB)’s research and development hub, is an anchor partner for the initiative, along with several crypto exchanges and service providers in the region.
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