South Korean Crypto Firm Hashed Ventures Paves Way to UAE Market via Abu Dhabi Expansion
Summary:
South Korean crypto investment firm Hashed Ventures is expanding into Abu Dhabi following a partnership with tech ecosystem group, Hub 71. Hashed's CEO plans to open an office in the city and is inviting other South Korean crypto enterprises to join the emerging UAE crypto market. Hashed, one of the largest crypto businesses to enter the UAE's capital, is aiding other South Korean firms with expected values over $1 billion in their transition to Abu Dhabi. Abu Dhabi's welcoming regulatory environment has attracted numerous Web3 startups. Hashed Ventures, managing about $700 million in global assets, has invested in several notable crypto projects.
In a recent agreement with technological collective Hub 71, Hashed Ventures, a South Korean cryptocurrency investing company, will grow its operations into Abu Dhabi. On June 27, Bloomberg announced that the CEO of Hashed, Simon Seo-Joon Kim, is planning to establish an office in the city and is discussing inviting other significant South Korean cryptocurrency organizations onto the burgeoning UAE cryptocurrency scene. As one of the most substantial crypto businesses to venture into the UAE's capital, the Seoul-based VC firm is part of an escalation in efforts to invite in crypto specialists.
Kim espouses the idea that South Korean crypto innovators are premier in the field globally, but challenges in the local market and a dwindling populace make foreign locations like the UAE more appealing for crypto originators. Notably, Kim is assisting other South Korean enterprises with expected worth over $1 billion to make their presence in Abu Dhabi. According to Kim, the UAE holds distinct significance due to Abu Dhabi's most approachable and unambiguous regulatory guidelines for Web3 ventures. Currently, many Web3 startups are launching offices in Abu Dhabi.
On February 15, Hub 71 unveiled a digital asset plan that supports blockchain and crypto projects worth more than $2 billion that are relocating to the city. At that time, Hub 71 declared its intent to offer crypto startups the most advanced infrastructure along with a domestically progressive and transparent regulatory environment.
Instituted in 2017, Hashed manages nearly $700 million in global assets. The company has backed several high-profile crypto projects, such as the Axie Infinity game, the ceaseless trading platform dYdX, and the Bored Ape Yacht Club's originator, Yuga Labs.
Published At
6/27/2024 9:10:10 AM
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