South Korean cryptocurrency venture capital firm Hashed Ventures has announced plans to establish an office in Abu Dabi. This comes after the Seoul-based firm partnered with Abu Dhabi’s global tech ecosystem, Hub71.
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As reported by Bloomberg, Hashed Ventures CEO Simon Seo-Joon Kim said the firm is also considering exploring potential fundraising opportunities in Abu Dabi, the capital of the United Arab Emirates (UAE).
Friendly legislative framework attracts crypto firms
Hashed Ventures’ interest in Abu Dhabi is reportedly inspired by the city’s crypto-friendly regulatory framework, which has helped attract more crypto firms. This also comes as the UAE is vying to become a hub for digital assets.
“UAE is a very special market for us because regulatory-wise, Abu Dhabi has the most friendly and clear guidance for the Web3 startups.”
Kim.
“So these days, so many Web3 startups are opening Abu Dhabi offices,” added Kim.
According to Forkast, the partnership with Hub71 is expected to give Hashed Ventures access to funding and mentorship. It is also an opportunity to spread in the Middle East and North Africa (MENA) region.
🚨South Korean crypto firm Hashed Ventures is expanding to Abu Dhabi!
Partnering with Hub 71, Hashed aims to bring top Korean crypto companies to the UAE’s friendly regulatory environment.
A new era for #Web3 startups is unfolding! pic.twitter.com/m7G9OY91w4
— Ether Adventurer (@tokentraverrse) June 27, 2024
Hashed Ventures to lure other firms
Kim revealed that while he believes South Korean crypto entrepreneurs rank among the top in the world, the declining population in his country together with other market challenges create scope for crypto founders to look elsewhere.
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Resultantly, Kim revealed his company is negotiating with other South Korean cryptocurrency firms with valuations of over $1 billion to join the bandwagon into the UAE. Already, the UAE tech space is projected to grow, with more crypto startups making their way to the country.
Additionally, the state-backed Hub71 in February announced a digital asset initiative to support crypto and blockchain projects that head to the city and have over $2 billion in capital.
Cryptopolitan reporting by Enacy Mapakame
