Hub71 in Abu Dhabi is taking significant steps to stimulate Web3 growth by launching a $2 billion funding initiative for emerging startups.

Hub71 has introduced a novel initiative for funding Web3 startups called Hub71+ Digital Assets.

The Hub71+ Digital Assets initiative boasts a remarkable commitment, with over $2 billion allocated to back Web3 startups and blockchain ventures, spanning from their initial seed funding to achieving unicorn status. Notably, part of this capital is sourced from Binance Labs' $500 million Web3 investment fund Venom Foundation’s $1 billion The backing also includes a venture fund containing $250 million from Ton Foundation. Furthermore, existing venture capital partners associated with Hub71 are also poised to invest in these innovative web3 companies.

With access to a specialized web3 ecosystem, participating startups can tap into various programs and initiatives, along with the extensive network of corporate, government, and investment collaborators that Hub71+ Digital Assets brings both locally in the UAE and worldwide.

Hub71+ Digital Assets will be anchored at Hub71 in the Abu Dhabi Global Market, offering a conducive environment where Web3 startups can thrive under a forward-thinking regulatory framework providing essential blockchain and virtual asset infrastructure.

Abu Dhabi's largest bank, FAB, alongside its research and innovation hub FABRIC, is joining forces with Hub71 as a founding partner of Hub71+ Digital Assets to help pinpoint leading Web3 startups and trailblazing technologies, aiming to revolutionize financial services within the metaverse.

The array of partners enhancing the Hub71+ Digital Assets initiative includes:

• Digital asset exchanges and service providers like Binance and Midchains.
• Tech giants such as Amazon Web Services (AWS) and Mastercard that bridge traditional and decentralized web.
• Founders DAO, which facilitates the growth and acceleration of Web3 and digital asset startups. Collaborations with Algorand, Polygon, SUI Blockchain, Ton Foundation, and Venom Foundation for reliable tracking and sharing of asset information. .
• These partners will assist in guiding participating startups through their token launch processes and encourage tokenization as a key fundraising mechanism.

The Hub71+ Digital Assets initiative signifies Abu Dhabi's eagerness to welcome transformative businesses that are set to reshape the global landscape. With decentralization paving the way for a new blockchain-driven internet, web3 startups are poised to significantly expedite this shift,

stated Ahmad Ali Alwan, the Deputy Chief Executive Officer of Hub71, during a recent announcement.

Hub71+ Digital Assets is also aligned with the UAE's Digital Economy Strategy, which aims to elevate the digital sector's contribution to the non-oil GDP to over 20% within the next decade.

Last September, the UAE's Ministry of Economy revealed plans for a metaverse headquarters designed to enhance the UAE's potential as an international hub for cutting-edge technologies. Concurrently, Dubai's Crown Prince initiated a

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