Hashed Ventures, a prominent South Korean crypto investment firm, has announced its expansion into Abu Dhabi through a strategic partnership with Hub 71, the city’s tech ecosystem group. Here are the key details of this development:
- Partnership with Hub 71: Hashed Ventures has partnered with Hub 71, a leading tech ecosystem in Abu Dhabi, to establish its presence in the UAE’s capital. This move is part of Hashed’s broader strategy to tap into the emerging crypto market in Abu Dhabi.
- Office Opening: As part of its expansion, Hashed Ventures plans to open an office in Abu Dhabi. This marks a significant step for the Seoul-based venture capital firm as it sets its sights on leveraging Abu Dhabi’s favorable regulatory environment and infrastructure for Web3 startups.
- Facilitating South Korean Crypto Firms: Hashed Ventures is not only setting up its own operations but also facilitating other major South Korean crypto firms to establish a presence in Abu Dhabi. The firm’s CEO, Simon Seo-Joon Kim, mentioned that they are in talks with several South Korean companies valued at over $1 billion to assist them in expanding to Abu Dhabi.
- Reasons for Expansion: Kim highlighted several reasons driving this strategic move, including regulatory clarity and friendliness towards Web3 startups in Abu Dhabi. He emphasized that while South Korea boasts talented crypto entrepreneurs, challenges like a declining local population and regulatory complexities make international locations like Abu Dhabi more attractive.
- Abu Dhabi’s Crypto Initiatives: Abu Dhabi has been actively positioning itself as a hub for blockchain and crypto innovation. Hub 71 previously announced a digital asset initiative aimed at supporting blockchain and crypto projects with substantial capital. This initiative includes providing state-of-the-art infrastructure and a supportive regulatory environment.
- Hashed Ventures Overview: Founded in 2017, Hashed Ventures manages approximately $700 million in assets globally. The firm has a track record of investing in prominent crypto projects such as Axie Infinity, dYdX, and Yuga Labs, the creators of Bored Ape Yacht Club.
- Market Opportunities: The expansion of Hashed Ventures to Abu Dhabi reflects the growing global interest in crypto and blockchain technologies. Abu Dhabi’s proactive approach in fostering a conducive environment for crypto startups positions it favorably as a destination for international firms looking to expand their operations.
In summary, Hashed Ventures’ expansion into Abu Dhabi underscores the city’s rising stature in the global crypto ecosystem and highlights the opportunities it offers for firms seeking to leverage favorable regulatory frameworks and infrastructure to drive innovation in blockchain and crypto technologies.
