South Korea-based cryptocurrency venture capital firm Hashed Ventures is expanding to Abu Dhabi in partnership with Hub71. They plan to open an office and explore fundraising opportunities in the city, CEO Simon Kim told Bloomberg on June 25th.
Hashed Ventures manages over $700 million in assets and sees Abu Dhabi as a favorable market because of its clear and progressive cryptocurrency regulations.
This move aligns with Hashed Ventures’ strategy to expand globally. The firm already has offices in Singapore and San Francisco. Now, they plan to use Hub71 in Abu Dhabi to further their international presence.
CEO Simon Seo-Joon Kim said, “For Korean startups, expanding abroad is essential because Korea’s population is decreasing. But I believe Korean entrepreneurs are among the best in the world, so we need to expand our business abroad.”
Hashed Ventures is looking for fundraising opportunities in Abu Dhabi. They aim to integrate South Korean firms worth $1 billion into the ecosystem. They will also showcase their portfolio, which includes companies like Yuga Labs, dYdX, and Axie Infinity.
Abu Dhabi’s clear rules and supportive environment have attracted many cryptocurrency companies, including big names like Binance and OKX. Hub71 has launched a $2 billion program for Web3 companies.
Ahmad Ali Alwan, the CEO of Hub71, is excited about more South Korean startups coming to Abu Dhabi. He said, “We look forward to welcoming more Korean startups to Abu Dhabi and attracting the most promising Web3 and digital asset technologies to the UAE capital.”
Hub71 is part of Hashed Ventures’ long-term strategy. They want to leverage friendly cryptocurrency policies and grow their international presence, showing their belief in Abu Dhabi’s role in the digital asset market.
Also read: South Korean University Students Show Strong Interest in Crypto: Report