Key Takeaways
- CEO stated that they have entered into talks with major South Korean crypto firms to help bring them into the emerging UAE crypto market.
- Kim added that he is helping other South Korean companies, each worth over $1 billion, move to Abu Dhabi.
Seoul-based crypto investment firm Hashed Ventures is expanding its footprint by partnering with Abu Dhabi’s global tech ecosystem, Hub71. This strategic move aims to tap into the burgeoning opportunities in the United Arab Emirates (UAE) and support the growth of Korean startups in the region.
Hashed Ventures, known for its investments in high-profile Web3 projects like Axie Infinity and dYdX, plans to open a local office in Abu Dhabi. The firm is also exploring fundraising opportunities in the city. “Expanding abroad is essential for Korean startups due to the declining domestic population,” said Hashed CEO Simon Seo-Joon Kim. “Korean entrepreneurs are among the best in the world, and we need to seek opportunities beyond our borders.”
The partnership with Hub71 will help Hashed facilitate the entry of Korean fintech and blockchain startups into the UAE market. Kim mentioned that Hashed is already assisting South Korean companies valued at over $1 billion in making their way into Abu Dhabi.
Hub71, Abu Dhabi’s tech incubator, provides startups with crucial resources, connects them to potential partners and investors, and helps them navigate local regulations. Ahmad Ali Alwan, CEO of Hub71, expressed excitement about the collaboration: “We are thrilled to welcome more Korean startups to Abu Dhabi and attract leading Web3 and digital asset technologies to the UAE capital.”
Hub71 recently launched a program with over $2 billion in capital to support Web3 startups and blockchain technology.
The UAE has been making significant strides in establishing clear regulations for its crypto ecosystem, which has drawn attention from major players like Binance and Coinbase. Kim emphasized the attractiveness of the UAE market, stating, “Abu Dhabi has the most friendly and clear regulatory guidance for Web3 startups, making it a special market for us.”
The country has been working tirelessly to welcome more Web3 companies. Ever since the UAE announced the world’s first independent crypto regulator in 2022: the Virtual Asset Regulatory Authority, the country has slowly grown to become a significant crypto hub.
Besides facilitating the entry of Korean startups, Hashed Ventures’ move to Abu Dhabi aligns with a broader trend of crypto firms setting up shop in the region. Notable firms like MidChains, a regulated digital asset trading platform, and Blocko, a blockchain technology company, already operate within Hub71. Binance, one of the world’s largest crypto exchanges, is also expanding its presence in Abu Dhabi through local collaborations.
