Recently, the capital of the UAE, Abu Dhabi, announced its massive funding for Web3 startups on Feb. 15.
The United Arab Emirates (UAE) is renowned for its cryptocurrency policy, neither outlawing nor regulating the asset class. Abu Dhabi, the capital of the United Arab Emirates, recently offered significant investment for Web3 startups.
The Hub71 tech community in Abu Dhabi introduced its Web 3 division on February 15. The new effort, known as “Hub71+ Digital Assets,” reportedly received a $2 billion fund that will be used to develop and expand Web3 and blockchain firms, according to the UAE news outlet WAM.
Also, the new division will continue to be housed at Hub71 and offer Web3 businesses first-rateq services and blockchain infrastructure. Ahmad Ali Alwan, the Deputy CEO of Hub71, asserted that Hub71+ Digital Assets might bring about significant changes to the decentralized world while highlighting the significance of blockchain technology for the coming internet.
It’s vital to remember that Thani Al-Zeyoudi, the UAE’s minister of state for foreign trade, announced the nation’s intentions to use digital currencies at the WEF last month.
Al-Zeyoudi said in a statement to Bloomberg that cryptocurrency may be crucial to the non-oil economy of the UAE in the area. To create a central bank digital currency, the Gulf nation has also launched the Financial Infrastructure Transformation (FIT).
The digital dirham project, which could enhance the nation’s international trade, has been under development by the Central Bank of the United Arab Emirates (CBUAE).
