Hashed Partners Hub71: S. Korean Crypto Firms Enter UAE

Seoul, South Korea/Abu Dhabi, UAE—Hashed has formed a partnership with Hub71, Abu Dhabi's technology ecosystem, to facilitate the expansion of South Korean startups into the United Arab Emirates (UAE). 

The partnership will result in the establishment of an office in Abu Dhabi, which will serve as a gateway for global Web3 companies and South Korean technology startups in the Middle East.

The partnership emerges concurrently with the UAE's ascendance as a nexus for virtual assets and blockchain technology, which has attracted significant Web3 enterprises such as Binance, OKX, and Nomura's Razer Digital. 

Hub71, backed by the United Arab Emirates sovereign wealth fund Mubadala, has committed to investing over $2 billion in Web3 and blockchain technology startups.

Hashed CEO Simon Seo-Joon Kim identified two key factors driving Korean startups to expand overseas: population decline and domestic competition. 

He posited that it is paramount for South Korean startups to grow their business abroad. 

Ahmad Ali Alwan, the CEO of Hub71, expressed enthusiasm about the prospect of welcoming a greater number of South Korean startups to Abu Dhabi and attracting promising Web3 and digital asset technologies to the UAE capital.