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Abu Dhabi Starts $2 Billion Scheme to Support Local Web3 Startups
Abu Dhabi has launched a new $2 billion initiative to support the region’s Web3 and blockchain technology startups. According to reports, the United Arab Emirates city’s tech ecosystem, the Hub71+ Digital Assets ecosystem initiative, will also facilitate startup access to several programs and potential partners. These partners are likely of the corporate, government, and investment variety.
A press release further expounded on the newly-created Abu Dhabi initiative for Web3 startups. According to the announcement:
“The initiative will be based at Hub71 in Abu Dhabi Global Market (ADGM), providing Web3 startups with a progressive regulatory environment and world-class blockchain and virtual asset infrastructure.”
In addition, the press release explains:
“FABRIC, the research and innovation center of First Abu Dhabi Bank (FAB), is the anchor partner of Hub71+ Digital Assets, while digital asset excha
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