Seoul-based crypto venture capital firm Hashed Ventures is expanding its presence to Abu Dhabi through a new partnership with the city’s global tech ecosystem, Hub71, according to a report by Bloomberg. This strategic move aims to bolster Hashed Ventures' influence in the Middle East and capitalize on the growing fintech and blockchain market in the region.

Hashed Ventures, led by CEO Simon Kim, plans to open a local office in Abu Dhabi and is actively exploring fundraising opportunities within the city. This expansion is part of a broader strategy to facilitate the entry of Korean startups into the United Arab Emirates (UAE) market, particularly in fintech and blockchain sectors. Kim noted that Hashed has already started collaborating with South Korean companies, valued at over $1 billion, to establish their presence in Abu Dhabi.

Hub71, Abu Dhabi's tech incubator, plays a crucial role in this expansion. The incubator supports startups by providing essential resources, connecting them with potential partners and investors, and ensuring compliance with local regulations. This supportive ecosystem is expected to significantly benefit the Korean startups that Hashed Ventures aims to bring into the UAE market.

The necessity for South Korean startups to expand overseas is driven by domestic constraints such as a declining population, which limits business growth opportunities within the country, according to Kim. Conversely, the UAE has been proactive in establishing clear regulations for its crypto ecosystem, attracting significant players like Binance and Coinbase. This regulatory clarity makes the UAE an attractive destination for crypto and blockchain ventures.

Founded in 2017, Hashed Ventures has invested in some of the most prominent projects in the Web3 space, including Yuga Labs, the creator of Bored Ape, the decentralized exchange dYdX, the play-to-earn game Axie Infinity, and the now-defunct TerraUSD stablecoin. With established offices in San Francisco and Singapore, Hashed Ventures continues to expand its global footprint, with the Abu Dhabi office being its latest addition.

The partnership with Hub71 and the expansion into Abu Dhabi represent a significant milestone for Hashed Ventures as it seeks to enhance its global influence and support the international growth of Korean startups. The firm’s commitment to fostering innovation in fintech and blockchain is evident in its strategic moves and continued investments in cutting-edge projects.

Hashed Ventures and Hub71 have not yet responded to requests for further comments on this development. However, the collaboration between these two entities is expected to create substantial opportunities for growth and innovation in the UAE’s burgeoning tech ecosystem.