Hashed Ventures is embarking on a strategic expansion into Abu Dhabi
South Korea-based crypto venture capital firm Hashed Ventures is embarking on a strategic expansion into Abu Dhabi, signaling a significant move in the global cryptocurrency investment landscape. Partnering with Hub71, Hashed Ventures plans to establish an office and explore extensive fundraising opportunities in the UAE capital, CEO Simon Kim revealed in an exclusive interview with Bloomberg.
With over $700 million in assets under management, Hashed Ventures views Abu Dhabi as a promising market due to its clear and progressive crypto regulations. The decision aligns with Hashed Ventures’ broader strategy to bolster its presence in key international hubs. Already established in Singapore and San Francisco, the firm aims to leverage Hub71’s ecosystem to deepen its footprint in the Middle East.
CEO Simon Seo-Joon Kim highlighted the necessity for Korean startups to expand abroad, attributing it to demographic challenges in South Korea. “The biggest problem of Korea is our population is decreasing,” Kim stated. “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.”
Hashed Ventures’ agenda in Abu Dhabi includes scouting for investment opportunities, intending to introduce South Korean firms worth $1 billion into the UAE ecosystem. Notable portfolio companies like Yuga Labs, dYdX, and Axie Infinity underscore Hashed Ventures’ track record in supporting successful crypto ventures globally.
The regulatory clarity and supportive environment for crypto businesses in Abu Dhabi have attracted several industry giants, including Binance and OKX. Hub71, in particular, has launched a $2 billion program aimed at nurturing Web3 companies, further enhancing Abu Dhabi’s appeal as a hub for digital innovation.
Ahmad Ali Alwan, CEO of Hub71, expressed enthusiasm about the collaboration with Hashed Ventures, anticipating an influx of South Korean startups to Abu Dhabi. “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 remarked.
For Hashed Ventures, Hub71 represents a strategic gateway to capitalize on favorable crypto policies and expand its global influence. The firm’s commitment to Abu Dhabi underscores its confidence in the emirate’s burgeoning role in the digital asset market, setting the stage for substantial growth and innovation in the region. As Hashed Ventures navigates this new chapter, all eyes are on how its presence will shape the future landscape of crypto investments in Abu Dhabi and beyond.