South Korean-based digital asset firm Hashed Ventures has revealed plans to expand to Abu Dhabi citing wider expansion goals. The Abu Dhabi market continues to attract several companies due to its clear and innovative crypto policies. Hashed Ventures will introduce more South Korean firms to the Abu Dhabi ecosystem.
The company will expand to Abu Dhabi based on clear rules and partnership with the country’s tech ecosystem, Hub71. With over $700 million in assets under management, the crypto investment firm already has offices in Singapore and San Francisco citing the need to spread its reach. Simon Seo-Joon Kim, the CEO of Hashed Ventures explained that the company will explore fundraising opportunities in Abu Dhabi.
Furthermore, the expansion comes as the firm faces difficulties in local expansion due to the dwindling population in Korea and other factors.
“For the Korean startup, the mission to expand their business abroad is quite mandatory because the biggest problem of Korea is our population is decreasing. But I believe that the talent-wise, the Korean entrepreneur is one of the best in the world, so we have to expand our business abroad.”
Kim added that the company is currently working to onboard some South Korean-based companies valued at $1 billion to Abu Dhabi. Hashed is known for its portfolio companies including Yuga Labs, dYdX, and Axie Infinity.
In the past couple of years, Abu Dhabi has distinguished itself as a web3-friendly hub attracting investors to the city. The UAE increased efforts to attract crypto companies including Binance and OKX with its Hub71 ecosystem rolling out a $2 billion program to fund web3 firms.
Ahmad Ali Alwan, the CEO of Hub71 explained the prospects of South Korean startups and other firms in 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.”
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