Blockchain & Crypto

Abu Dhabi Launches $2 Billion Program for Web3 and Blockchain Development

The Hub71+ Digital Assets will be an ecosystem promoting the success of blockchain and Web3 startups.

Abu Dhabi, the capital of UAE, has long been in the avant garde of cryptocurrency and Web3 adoption.
Source: Unsplash

The United Arab Emirates (UAE) have been at the forefront when it comes to adopting technological innovations. UAE’s central bank just launched a digital finance initiative aimed at accelerating digital transformation in the national financial services sector, with components including the development of an instant payments platform, adopting advanced supervisory technologies and data management solutions, establishing a Financial Cloud, eKYC, Open Finance Platforms, and more.

UAE’s capital, Abu Dhabi, boasts a government-backed tech ecosystem called Hub71, which offers a network for strategic partnerships between startups, corporates, government and investors. It is established to further assist in the country’s mission to become a leading destination for fintech and blockchain startups.

Hub71 has announced the commencement of Hub71+ Digital Assets, a brand new initiative which offers startups in the Abu Dhabi region the opportunity to network and build productive partnerships. The program aims to assist businesses relocating to Abu Dhabi and stimulate successful startups in the United Arab Emirates.

The UAE has also recently greenlit cryptocurrency adoption with trading potential, by which the Minister of State for Foreign Trade, Thani bin Ahmed Al-Zeyoudi, announced that cryptocurrency may be included in UAE’s trade partnerships and policies as early as this year.

The country is set on becoming a haven for users and developers of cryptocurrency and Web3 technologies, which the UAE government believes would be beneficial to the country’s economy and ecology. Overall, the policies and plans proposed by the UAE regarding cryptocurrency regulation and blockchain development have been regarded as a positive event for the future of global finance.

Alice Pylypenko

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Alice is an editor, journalist, and essayist. Educated in psychology and dedicated to decentralization efforts, Alice continues to disclose the capabilities of Bitcoin to cultivate liberty, equality, and solidarity while shedding light on misinformation, power overreach, financial scandal, and the reasons behind them.