Hashed Ventures expands to Abu Dhabi with Hub 71 to leverage favourable crypto regulations.
CEO Simon Seo-Joon Kim is facilitating South Korean crypto firms’ entry into the UAE market.
Hashed Ventures manages $700M in assets and invests in projects like Axie Infinity and dYdX.
South Korean crypto investment company, Hashed Ventures, is expanding to Abu Dhabi through a partnership with Hub 71, the city’s tech ecosystem organisation. This growth is a major step for Hashed Ventures, as it looks to benefit from Abu Dhabi’s favourable regulatory environment and growing crypto market.
South Korean #crypto venture capital firm Hashed has announced a new partnership with Abu Dhabi's tech accelerator Hub71. The collaboration aims to support innovative tech startups and web3 projects in the UAE and the Middle East. #Hashed plans to invest over $2 billion in… pic.twitter.com/X6I9tRw57X
— Rajeev Anand (@rajeevanandspur) June 27, 2024
Strategic Office Opening
According to Bloomberg on June 27, CEO Simon Seo-Joon Kim of Hashed announced plans to establish an office in the city and is in discussions with leading South Korean crypto companies to assist them in entering the growing crypto market in the United Arab Emirates.
The venture capital firm from Seoul is among the biggest crypto companies to enter the capital of the UAE, which has been ramping up its initiatives to attract crypto expertise.
Support for South Korean Firms
Kim emphasised the advantages of the UAE market, highlighting Abu Dhabi’s clear regulatory guidelines for Web3 startups. He noted that the UAE’s friendly regulatory environment makes it an attractive destination for crypto founders facing challenges in South Korea’s domestic market. Kim is already assisting other South Korean companies with valuations exceeding $1 billion in making their transition to Abu Dhabi.
Hub 71 revealed on Feb. 15 a new digital asset initiative to support blockchain and crypto projects in the city with over $2 billion in capital. At the time, Hub 71 said it would look to provide crypto startups with state-of-the-art infrastructure as well as a more progressive and clear regulatory environment domestically.
Hashed Ventures currently manages an approximately $700 million global asset portfolio since its establishment in 2017. The company has invested in multiple crypto projects, such as Axie Infinity, dYdX, and Yuga Labs, the creator of Bored Ape Yacht Club.
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