South Korean crypto funding agency Hashed Ventures is increasing its presence in Abu Dhabi after partnering with the town’s tech ecosystem group Hub 71.
On June 27, Bloomberg reported that Hashed CEO Simon Website positioning-Jun Kim mentioned his agency would open an workplace within the metropolis and was in talks with different main South Korean crypto corporations to assist them enter the brand new UAE crypto market.
The Seoul-based enterprise capital agency is likely one of the largest crypto firms to make its solution to the UAE capital, which is ramping up efforts to draw crypto expertise.
Kim mentioned that whereas he considers Korean crypto entrepreneurs to be among the many greatest on this planet, the shrinking native inhabitants and different difficulties within the nation’s home market make international international locations just like the UAE extra fascinating for crypto founders.
Kim added that he’s already serving to different South Korean firms valued at greater than $1 billion to make the leap to Abu Dhabi.
“The UAE is a really particular marketplace for us as a result of […] When it comes to regulation, Abu Dhabi has the friendliest and clearest pointers for Web3 startups,” Kim mentioned.
“So a variety of Web3 startups are establishing places of work in Abu Dhabi nowadays.”
On February 15, Hub 71 introduced a digital asset initiative that can help blockchain and crypto tasks coming to the town with greater than $2 billion in capital.
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On the time, Hub 71 mentioned it will attempt to offer crypto startups with trendy infrastructure, in addition to a extra progressive and clear regulatory surroundings domestically.
Hashed was based in 2017 and manages $700 million in belongings worldwide.
The agency has made a variety of investments in some well-known crypto tasks, together with the play-and-earn sport Axie Infinity, the continual buying and selling platform dYdX, and Bored Ape Yacht Membership creator Yuga Labs.
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