The post South Korea Enters UAE Market: Hashed Ventures Expands into Abu Dhabi appeared first on Coinpedia Fintech News
UAE’s crypto-friendly regulations and pro-governance stance have recently bagged the country with many big-shot companies to try their luck in the Middle East. Hashed Ventures, a South Korea-based crypto venture capital firm managing over $700 million in assets, is expanding to Abu Dhabi in collaboration with Hub71.
South Korea’s Strategic Global Expansion
According to the Bloomberg report, this move aims to capitalize on Abu Dhabi’s favorable regulatory environment for cryptocurrencies and its strategic location. Hashed Ventures already operates in Singapore and San Francisco and sees Abu Dhabi as a key hub for further international growth.
CEO Simon Kim highlighted the importance of expanding abroad due to Korea’s shrinking population, emphasizing the global talent of Korean entrepreneurs. Hashed Ventures plans to explore fundraising opportunities in Abu Dhabi, considering a friendly regulatory framework and supportive outlook towards the crypto industry. Notably, Abu Dhabi’s Hub71, known for its $2 billion program for Web3 companies, is expected to facilitate Hashed Ventures’ integration into the local market.
More Startups to Enter the Market
Ahmad Ali Alwan, CEO of Hub71, is quite excited to bring onboard more South Korean startups to Abu Dhabi. The company is working on its long-term strategy to expand internationally and participate actively in the digital asset market.
Hashed Ventures boasts investments in high-profile crypto projects such as Axie Infinity, dYdX, and Yuga Labs (creator of Bored Ape Yacht Club). Their alignment with Abu Dhabi’s $2 billion digital asset initiative further solidifies their commitment to enhancing the city’s status as a leading global hub for crypto innovation.
UAE Emerges as a Crypto Hub
Abu Dhabi is becoming a favored destination for Web3 companies in the Middle East. While Klumi Ventures recently became the first Web3 VC firm to obtain a UAE license from the FSRA of ADGM, signaling Abu Dhabi’s rise as a hub for digital asset ventures. Singapore-based QCP is also expanding into Abu Dhabi, recognizing its growing role in institutional crypto activities. The UAE as a whole is seeing increased interest in Web3 technologies, with Crypto.com launching its institutional exchange in Dubai and Binance consolidating its UAE operations under Binance FZE in Dubai after securing a VASP license.
These moves underscore Abu Dhabi’s emergence as a key player in the global crypto landscape.
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