Hashed Ventures Expands to Abu Dhabi Through a Partnership With Hub71
South Korean venture capital firm Hashed Ventures is expanding its operations to Abu Dhabi in a new partnership with the region’s global tech ecosystem.
Hashed Ventures has entered into a partnership with Hub71 in Abu Dhabi, Edward Hong, the chief platform officer at the VC firm told CryptoNews.
The expansion shows Abu Dhabi’s growing status as a hub for technological innovation and blockchain development.
Understanding Hub71’s Role in Abu Dhabi
Hub71 is a state-backed tech ecosystem based in Abu Dhabi. The Silicon Valley-type hub is designed to foster innovation and support startups and tech companies.
It offers a support system to firms including access to funding, mentorship, and market opportunities, making it an attractive destination for tech and crypto firms.
Hub71 partnerships span across various sectors and with backing from firms like Mubadala Investment Company. The ecosystem aims to give startups office space, resources, and networking opportunities.
Hashed Ventures’ Investments
Seoul-based Hashed Ventures has a huge portfolio of investments in the blockchain and crypto space. The South Korean VC firm is known for backing early-stage crypto projects and has invested in several high-profile ventures such as Ethereum, Klaytn, and Terra.
Through expanding to the Middle East Hashed Ventures aims to make use of Hub71’s strategic location and resources to support and scale its portfolio companies, as well as to explore new investment opportunities in the Middle East and North Africa (MENA) region.
Crypto Firms Based in Hub71
There are several other prominent crypto firms have established a presence in Hub71. One notable firm is MidChains, a regulated digital asset trading platform that operates out of Hub71.
MidChains aims to provide a secure and transparent trading environment for digital assets, benefiting from Abu Dhabi’s progressive regulatory framework. Blockchain technology firm, Blocko, also operates within Hub71, focusing on enterprise blockchain solutions.
Another significant player out in the Middle East is Binance, one of the world’s largest crypto exchanges. Binance has been expanding its global footprint, and its presence in Abu Dhabi through collaborations with local entities demonstrating the emirate’s strategic importance in the global crypto market.
In 2023, the Binance unit BV Investment Management, pulled the application with Abu Dhabi’s financial regulator, as reported by Reuters.
Prominent investors Jamie Dimon, Ray Dalio and Alan Howard acknowledged the rise of Abu Dhabi as a Global Finance Centre.
