Crypto-friendly Abu Dhabi said to pledge over $2B to fund web3 startups

Abu Dhabi's technology ecosystem, referred to as Hub71 Digital Assets, has committed more than $2B of capital to back web3 startups and blockchain technologies in the cryptocurrency-friendly region, according to a Wednesday release. Through the initiative, which will be based in the Abu Dhabi Global Market financial district, Hub71 will offer startups in the web3 space access to various programs and corporate, government and investment partners in the United Arab Emirates and global markets. The program will also support relocation of businesses to the city, as well as promote growth in the Middle East and global markets, the release said. In recent years, the UAE has become a hub spot for crypto-focused firms given its relatively long-standing digital asset rules. Troubled crypto exchange Kraken, though, shut down its office in Abu Dhabi earlier this month after less than a year of operating there.