Hashed Ventures, a Seoul-based cryptocurrency venture capital firm, is expanding its presence in Abu Dhabi through a new partnership with Abu Dhabi’s global tech ecosystem Hub71, according to Bloomberg.
Hashed Ventures plans to open a local office in Abu Dhabi and is considering funding opportunities in the city, Hashed CEO Simon Kim said. bloomberg.
The venture capital firm further aims to facilitate the entry of Korean startups into the UAE market, especially in the fintech and blockchain sectors. Kim said Hashed has already begun working with Korean companies valued at more than $1 billion entering the Abu Dhabi market.
Hub71, a technology incubator in Abu Dhabi, fosters the growth of startups by providing them with essential resources, facilitating connections with potential partners and investors, and supporting compliance with local regulations.
CEO Kim added, “Domestic startups need to expand overseas due to limitations in domestic business expansion, such as population decline.” Meanwhile, the UAE has been working to establish clear regulations for the cryptocurrency ecosystem, which has attracted the attention of major players such as: Binance and coinbase.
Founded in 2017, the South Korean cryptocurrency VC has invested in some of Web3’s most prominent projects, including Bored Ape creator Yuga Labs, dYdX and play-to-earn game Axie Infinity, and the failed TerraUSD stablecoin.
Hashed, which has established offices in San Francisco and Singapore, plans to continue expanding its global presence, according to the report.
Hashed and Hub71 did not immediately respond to The Block’s request for further comment.
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