A South Korean crypto exchange, Hashed Ventures, is seeking help from other Korean exchanges to start a new venture in Abu Dhabi after becoming a partner with the city’s tech ecosystem group, Hub 71.
The project is based on making new advancements in Web-3, such as blockchain and metaverse applications. The initiative aims to provide Web3 startups with access to various programs, initiatives, and partnerships with corporations, governments, and investors in both global markets and the UAE.
Bloomberg reported on June 27 that Hashed CEO Simon Seo-Joon Kim announced his firm would open an office in Abu Dhabi. Additionally, they are in discussions with other major South Korean crypto firms to facilitate their entry into the emerging UAE crypto market.
It is one of the largest crypto companies to expand to Abu Dhabi, as the city intensifies its efforts to attract crypto talent.
Hashed Ventures CEO Praises Korean Crypto Entrepreneurs, Expands to Abu Dhabi
CEO of Hashed believes that Korean crypto entrepreneurs are among the best globally. He added that the decreasing country’s population and other domestic challenges make overseas locations more favorable for the crypto founders.
Kim added that he is already assisting other South Korean companies valued at over $1 billion in their move to Abu Dhabi.
Kim said:
UAE is a very special market for us because […] regulatory wise, Abu Dhabi has the most friendly and clear guidance for the Web3 startups.
So these days, so many Web3 startups are opening Abu Dhabi offices.
Hub 71 announced a digital asset initiative on Feb. 15 that will help the blockchain and other crypto projects that come to the city and have more than $2 billion in capital.
The platform promised to provide an excellent startup with state-of-the-art infrastructure and will provide a clear regulatory and progressive startup domestically.
The firm has invested in several notable crypto projects, including the play-to-earn game Axie Infinity, Bored Ape Yacht Club creator Yuga Labs, and the perpetual trading platform dYdX.
Related: Spot Ethereum ETFs May Attract $15B in inflows: Bitwise CIO Analyses.
