Hashed Ventures, a South Korean Crypto firm, plans to expand its services and operations to Abu Dhabi. The company is leveraging its latest partnership with Hub71, a prominent tech ecosystem in Abu Dhabi.
The proposed expansion aligns with Hashed’s goals of establishing more tech and crypto startups in the United Arab Emirates market. It also highlights Abu Dhabi as a growing blockchain technology and innovation hub.
Hashed Ventures Broadens The Crypto Presence
According to a Bloomberg report on June 26, Hashed Ventures CEO Simon Seo-Joon Kim announced the latest expansion plan. Kim stated that the company will establish an office in Abu Dhabi and is negotiating with major South Korean crypto entities to draw them into the UAE’s crypto market.
Additionally, Kim appraised the UAE as one of the overseas locations with a conducive environment for crypto founders.
He mentioned that the decreasing local population in South Korea dampens the efforts of crypto entrepreneurs despite their expertise. Moreover, the country’s local crypto market has several bottlenecks and challenges that limit crypto founders’ full potential.
Notably, the United Arab Emirates has been working toward attracting prominent and innovative crypto entities to participate in its growing market.
Hashed Ventures is one of the biggest crypto firms advancing into Abu Dhabi. The firm wants to help other South Korean entities establish themselves in the UAE market. To assist in this transition, it targets companies with over 41 billion market valuations.
Additionally, CEO Kim confirmed the firm’s plans to make an outstanding impact in the city. He acknowledged that several crypto and Web3 startups are currently migrating to Abu Dhabi.
Kim cited the UAE’s special market and regulatory clarity as an attractive edge for digital assets and blockchain startups.
In his words: “Abu Dhabi has the most friendly and clear guidance for the Web3 startups.”
Founded in 2017, Hashed Ventures has backed early-stage digital asset projects and invested in prominent platforms such as Ethereum, Terra, and Klaytn.
Significance of Hub71 in Hashed’s Expansion to Abu Dhabi
Hashed Ventures plans to expand into Abu Dhabi by leveraging its collaboration with Hub71. It will rely on Hub71’s strategic resources and location to facilitate its portfolio of companies and startups in Abu Dhabi.
The partnership will aid Hashed in exploring fresh investment opportunities within the region.
Hub71 is a leading and prominent state-backed global tech ecosystem in Abu Dhabi, comprising several top crypto entities. Its functionalities promote innovation and provide support for tech firms and startups.
Some of its operations cut across, enabling entities to access funds, market opportunities, and mentorship. Moreover, Hub71’s vast support positions it as a stop-point for many digital asset and blockchain companies.
Also, Hub71 provides its fleet of firms with networking opportunities, office spaces, and other resources. Before now, the tech ecosystem has partnered with many companies from different sectors, including Mubadala Investment Company.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
Read More: South Korean Crypto Firm Hashed Ventures Partners with Hub71 to Expand in Abu Dhabi
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