Hub71, Abu Dhabi’s tech ecosystem, has started a $2 billion plan to help Web3 and blockchain startups in the region.
A press release from Wednesday says that the Hub71+ Digital Assets Ecosystem Initiative will also give startups access to a wide range of programs and possible corporate, government, and investment partners.
The program will also help businesses move to Abu Dhabi and encourage the growth of new businesses in the Middle East and around the world.
The project will be run out of Hub71, which is in the financial district of Abu Dhabi Global Market. The initiative’s main partner is FABRIC, the research and development hub of the First Abu Dhabi Bank (FAB). Other partners include crypto exchanges and service providers.
The UAE’s capital has been supportive of the crypto industry for a long time. In 2018, the city’s international financial center put in place rules for digital assets.