Abu Dhabi Startup News

Abu Dhabi Global Market (ADGM) has launched a cryptocurrency hub to support the development of virtual assets, blockchain technology, and crypto assets in the region. The centre will enable businesses to navigate the regulatory environment both within the UAE and globally, access market opportunities, and network with industry peers. “Given the rapid emergence of new virtual assets such as cryptocurrencies and other related assets, ADGM is leading the way to introduce progressive frameworks and regulations around these technologies and developments,” ADGM said in a statement on Wednesday.

The leading cryptocurrency exchanges move to the UAE The UAE is set to be the world leader in virtual assets with more startups being formed and moving to the country than ever. Abu Dhabi has multiple blockchain and FinTech startups, as does Dubai, which nabbed the biggest cryptocurrency exchange Binance in September of this year. Binance was granted a provisional license in March to operate in Dubai and approval to join the minimal viable product (MVP) program from Dubai’s Virtual Asset Regulatory Authority (VARA) in September.

Abu Dhabi, UAE – November 2022: Hub71, Abu Dhabi’s global tech ecosystem, and Modus, the Venture Platform comprising VC funds, Venture Builders, and a Corporate Innovation arm, will expand Ventures Lab – the venture building program by increasing the next intake to 28 founding teams, which is almost a 40% increase from last year. To date, Hub71 and Modus have successfully raised AED 40 million for founding teams to co-build startups and access capital through Ventures Lab.

05 November 2020, Abu Dhabi, United Arab Emirates: Mubadala, Abu Dhabi’s wealth fund and an Abu Dhabi VC firm, invests in a SoftBank-backed tech startup. Mubadala, with $232B under management, led a $700M round of funding in Reef Technology Inc., a technology startup that specializes in using parking lots as hubs for delivering food and other services like Covid-19 testing. Reef Technology has an ecosystem of over 4,500 locations and a team of nearly 15,000 people.