I am thrilled to share some exciting news from the world of cryptocurrency. Hashed Ventures, a prominent South Korean crypto investment firm, is expanding its footprint to Abu Dhabi. This move marks a significant step in the firm's growth strategy as it partners with Hub 71, the city's burgeoning tech ecosystem group.

On June 27, Bloomberg reported that our CEO, Simon Seo-Joon Kim, announced our plans to establish an office in Abu Dhabi. This decision comes as we engage in discussions with other leading South Korean crypto firms, aiming to guide them into the rapidly developing crypto market of the United Arab Emirates.

Based in Seoul, Hashed Ventures is among the largest crypto companies to venture into Abu Dhabi. The city has been proactive in attracting crypto talent, offering a favorable environment for growth and innovation. Kim emphasized that while Korean crypto entrepreneurs are among the best globally, challenges such as a declining local population and other domestic market difficulties make overseas locations like the UAE increasingly appealing for crypto founders.

Kim is already assisting several South Korean companies, each valued at over $1 billion, in their transition to Abu Dhabi. He highlighted the UAE's unique regulatory landscape, noting that "UAE is a very special market for us because regulatory wise, Abu Dhabi has the most friendly and clear guidance for the Web3 startups." This regulatory clarity is a significant draw, encouraging many Web3 startups to establish their presence in Abu Dhabi.

Back in February, Hub 71 launched a digital asset initiative designed to support blockchain and crypto projects relocating to the city. With over $2 billion in capital, this initiative aims to provide cutting-edge infrastructure and a progressive regulatory environment for crypto startups.

Founded in 2017, Hashed Ventures manages around $700 million in assets on a global scale. Our firm has made strategic investments in several notable crypto projects, including the popular play-to-earn game Axie Infinity, the perpetual trading platform dYdX, and Yuga Labs, the creators of the renowned Bored Ape Yacht Club.

This expansion into Abu Dhabi is a testament to our commitment to fostering innovation and supporting the growth of the crypto industry on a global scale. We are excited about the opportunities that lie ahead and look forward to contributing to the dynamic tech ecosystem in Abu Dhabi.