South Korea-based crypto venture capital firm Hashed Ventures is expanding its operations to Abu Dhabi, partnering with Hub71 to open an office and explore fundraising opportunities in the city. CEO Simon Kim confirmed this move, highlighting the favorable crypto regulations in Abu Dhabi as a key factor in their decision.
Strategic Expansion
Hashed Ventures, which manages over $700 million in assets, sees Abu Dhabi as a strategic location due to its clear and progressive crypto regulations. This expansion aligns with the firm’s strategy to establish a presence in significant international markets. Currently, Hashed Ventures has offices in Singapore and San Francisco and will now use Hub71 as a base to further its reach in the Middle East.
Focus on Fundraising and Growth
The firm plans to raise $1 billion and integrate South Korean firms into the Abu Dhabi ecosystem. Additionally, Hashed Ventures aims to showcase its portfolio, which includes notable projects such as Yuga Labs, dYdX, and Axie Infinity.
“For the Korean startup, the mission to expand their business abroad is quite mandatory because the biggest problem of Korea is our population is decreasing. But I believe that talent-wise, the Korean entrepreneur is one of the best in the world, so we have to expand our business abroad,” said CEO Simon Seo-Joon Kim. This underscores the necessity for Korean startups to seek growth opportunities beyond their domestic market.
Supportive Environment
Abu Dhabi’s welcoming environment for the crypto industry has attracted major players like Binance and OKX. Hub71, which has launched a $2 billion program for Web3 companies, further enhances this ecosystem.
Ahmad Ali Alwan, CEO of Hub71, expressed his enthusiasm for the influx of Korean startups. “We are excited about the prospect of welcoming more Korean startups to Abu Dhabi and attracting the most promising Web3 and digital asset technologies to the UAE capital,” Alwan stated.
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Long-term Strategy
Hashed Ventures’ move to Abu Dhabi is part of a long-term strategy to leverage friendly crypto policies and expand its international presence. The firm believes that Abu Dhabi is well-positioned to become a significant player in the digital asset market.
By establishing an office in Abu Dhabi, Hashed Ventures aims to tap into a favorable regulatory environment and attract substantial investment. This expansion not only benefits Korean startups but also strengthens Abu Dhabi’s position in the global crypto and Web3 landscape. The collaboration with Hub71 exemplifies Hashed Ventures’ commitment to growth and innovation in the rapidly evolving digital asset industry.
