South Korean crypto investment firm Hashed Ventures is expanding into Abu Dhabi through a partnership with the city’s tech ecosystem group, Hub 71.
According to Bloomberg’s report on June 27, Hashed CEO Simon Seo-Joon Kim announced that the firm will establish an office in Abu Dhabi and is in discussions with other major South Korean crypto companies to facilitate their entry into the burgeoning crypto market of the United Arab Emirates.
Based in Seoul, Hashed Ventures is among the largest crypto companies to venture into the UAE’s capital, which has been actively attracting crypto talent.
Kim expressed confidence in Korean crypto entrepreneurs’ capabilities, considering them among the world’s best. However, he cited a declining local population and challenges in the domestic market as reasons why overseas locations like the UAE are increasingly appealing to crypto founders.
Kim also mentioned that he was actively assisting other South Korean companies with valuations exceeding $1 billion to transition to Abu Dhabi.
“UAE is a particularly significant market for us because regulatory-wise, Abu Dhabi offers the most favorable and transparent guidance for Web3 startups,” Kim explained.
“As a result, numerous Web3 startups are now establishing offices in Abu Dhabi.”
On February 15, Hub 71 unveiled a digital asset initiative aimed at supporting blockchain and crypto projects with capital exceeding $2 billion that choose to operate in the city.
At that time, Hub 71 announced its intention to offer state-of-the-art infrastructure and a progressive, transparent regulatory environment to crypto startups domestically.
Established in 2017, Hashed manages approximately $700 million in assets worldwide.
The firm has invested in several prominent crypto projects, such as the play-to-earn game Axie Infinity, perpetual trading platform dYdX, and Yuga Labs, the creator of Bored Ape Yacht Club.
