Seoul-based crypto venture capital firm Hashed Ventures is actively expanding into other countries through a strategic partnership with Abu Dhabi’s renowned global technology ecosystem Hub71, which may also show the attractiveness of the Middle Eastern country for crypto companies.
Hashed Ventures opens office in Abu Dhabi
Hashed Ventures, a major player in the crypto investment space, plans to open a local office in Abu Dhabi. CEO Simon Kim revealed the development in an interview with Bloomberg. In addition to setting up an office, Hashed is exploring fundraising opportunities in the city, aiming to capitalize on Abu Dhabi’s booming tech and investment environment.
Promote new Korean startups to enter the UAE market
An important aspect of Hashed’s expansion strategy is to facilitate Korean startups’ entry into the United Arab Emirates (UAE) market. The focus will be particularly on areas such as fintech and blockchain. Kim mentioned that Hashed has begun working with several Korean companies valued at more than $1 billion to assist them in entering the Abu Dhabi market.
Hub71: Catalyst for new startup growth
Abu Dhabi-based tech incubator Hub71 has played a key role in this expansion. Hub71 is known for nurturing new startups, providing necessary resources, connecting with potential partners and investors, and ensuring compliance with local regulations. This supportive environment is expected to greatly benefit new Korean startups entering the Abu Dhabi market.
South Korean startup seeks global expansion
Simon Kim emphasized the need for South Korean startups to seek growth in foreign markets, one of the reasons being challenges such as population decline. This demand aligns well with the UAE’s aggressive stance on establishing clear crypto regulations, making it an attractive destination for industry giants like Binance and Coinbase.
Hashed Investment Record: Biggest Failure TerraUSD
Founded in 2017, Hashed Ventures has a strong portfolio of investments in some of the most notable projects in Web3. These include Bored Ape Yacht Club creator Yuga Labs, decentralized exchange dYdX, play-to-earn game Axie Infinity, and the tragically failed TerraUSD stablecoin.
Continue global expansion
Hashed Ventures already has offices in San Francisco and Singapore, and its expansion into Abu Dhabi represents another step in its ongoing global expansion strategy. The company is reportedly committed to expanding its international presence.
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