Hashed Ventures, a venture capital firm based in South Korea, is expanding its operations to Abu Dhabi through a partnership with Hub71, the region’s global tech ecosystem. Edward Hong, the chief platform officer at Hashed Ventures, confirmed the partnership with Hub71. This move highlights Abu Dhabi’s growing status as a hub for technological innovation and blockchain development.
Hub71, a state-backed tech ecosystem located in Abu Dhabi, is similar to Silicon Valley and aims to promote innovation and support startups and tech companies. It provides a support system that includes funding, mentorship, and market opportunities, making it an attractive destination for tech and crypto firms. Hub71 has partnerships across various sectors and is backed by firms like Mubadala Investment Company. It offers startups office space, resources, and networking opportunities.
Hashed Ventures, based in Seoul, has a large portfolio of investments in the blockchain and crypto space. The VC firm is known for supporting early-stage crypto projects and has invested in high-profile ventures such as Ethereum, Klaytn, and Terra. By expanding to the Middle East, Hashed Ventures aims to leverage Hub71’s strategic location and resources to support and scale its portfolio companies. It also seeks to explore new investment opportunities in the Middle East and North Africa (MENA) region.
Hub71 is home to several other prominent crypto firms. One notable example 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.
Binance, one of the world’s largest crypto exchanges, has also established a presence in Abu Dhabi through collaborations with local entities. This demonstrates the emirate’s strategic importance in the global crypto market. In 2023, Binance’s unit BV Investment Management withdrew its application with Abu Dhabi’s financial regulator, indicating the recognition of Abu Dhabi as a global finance center by prominent investors such as Jamie Dimon, Ray Dalio, and Alan Howard.