Hub71, Abu Dhabi's tech ecosystem, has launched a new $2 billion initiative called Hub71+ Digital Assets to back Web3 and blockchain technology startups in the region, according to a press release.

Based at Hub71 in the Abu Dhabi Global Market (ADGM) financial district, the Hub71+ Digital Assets program will provide Web3 startups with a progressive regulatory environment and world-class blockchain and virtual asset infrastructure and access to a wide range of programs and potential corporate, government and investment partners.

Moreover, Hub71's value creation programme will also support business relocation to Abu Dhabi and growth in the Middle East and global markets, including Web3 startups at the 'unicorn' stage, which are companies valued at more than $1 billion.

Ahmad Ali Alwan, Deputy Chief Executive Officer of Hub71 says the program's partnership with Abu Dhabi Global Market (ADGM) and FABRIC, the research and innovation centre of First Abu Dhabi Bank (FAB), in addition to leading Web3 companies and enablers, will provide startups with the opportunity to fundraise, develop, and commercialize innovations safely while operating within the largest regulated authority of virtual assets in the MENA region.