Plan to Establish Abu Dhabi Branch
Supporting Domestic Tech Startups' Entry into the Middle East
Blockchain-focused investment firm Hashed announced on the 28th that it has partnered with global tech and startup support organization HUB71 to enter the Middle Eastern market. Photo by Hashed
Blockchain-focused investment firm Hashed announced on the 28th that it is entering the Middle Eastern market through a partnership with HUB71, a tech and startup support organization in the United Arab Emirates (UAE).
Hashed recently established a branch office in Abu Dhabi, the capital of the UAE. Through close collaboration with local government agencies such as HUB71, it plans to serve as a foothold for global Web3 portfolio companies and domestic tech startups to expand into the Middle East.
HUB71, established with the support of Mubadala, the UAE's sovereign wealth fund, has declared an investment of over $2 billion (approximately 2.8 trillion KRW) in capital for Web3 and blockchain technology startups. The UAE is emerging as a hub for virtual assets and blockchain technology by attracting Web3 companies such as Binance, OKX, and Nomura's Razor Digital.
Kim Seo-joon, CEO of Hashed, stated, "Abu Dhabi is a unique regulatory space that provides the most friendly and clear guidance for Web3 startups worldwide," adding, "For domestic startups facing saturation due to population decline and competition among local companies, overseas expansion has become a necessity rather than a choice. The Middle East is an attractive blue ocean in various aspects such as per capita consumption, population structure, and capital attraction."
Ahmad Ali Alwan, CEO of HUB71, said, "We look forward to attracting promising Web3 technology companies to Abu Dhabi through the partnership with Hashed," welcoming Korean startups' entry into the UAE.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
