Hashed Accelerates Middle East Expansion... Actively Supporting Korean Startups [ADFW 2024]

On the 10th (local time), Kim Seo-joon, CEO of Hashed, is delivering a keynote speech at the 'Abu Dhabi Finance Week 2024' gmAD event held in Abu Dhabi, UAE. / Photo = Bloomingbit

Asia's largest blockchain venture capital (VC), Hashed, is establishing a branch in Abu Dhabi, United Arab Emirates (UAE), and accelerating support for domestic startups' entry into the Middle East. Part of Hashed Venture Fund 3, which will be conducted until the first quarter of next year, is aimed at entrepreneurs in the UAE region, and Fund 4 will be established based in Abu Dhabi.

On the 10th (local time), Kim Seo-joon, CEO of Hashed, announced at the 'Abu Dhabi Finance Week 2024 (ADFW2024)' gmAD event held in Abu Dhabi from the 9th to the 12th, “Hashed will open a new office in the Abu Dhabi Global Market (ADGM) following San Francisco, Singapore, and Bangalore, and actively support the entry of outstanding entrepreneurs into Abu Dhabi.”

Hashed is partnering with Hub71, a startup incubator under the Abu Dhabi government, to assist promising domestic startups in entering the Middle East and is exploring business opportunities with various strategic partners in the region.

Abu Dhabi has recently made attracting technology companies and startups a core national agenda as part of its policy to diversify its economy away from oil dependency. Currently, more than 240 startups across 24 industries worldwide are active in Hub71.

In particular, ADGM is an international financial hub in Abu Dhabi and a concentrated area for the virtual asset industry, with companies like Blockdaemon, Laser Digital, and QCP Capital having entered, and Circle and Chainlink Labs planning to establish branches. Notably, last month, the world's largest asset manager, BlackRock, reportedly obtained a business license in ADGM.

Hashed plans to build a Web3 community in Abu Dhabi based on its experience hosting Web3 conferences in Korea and other Asian regions. Starting next year, it plans to operate the blockchain developer training program 'Protocol Camp', run jointly with domestic conglomerates, in Abu Dhabi with Hub71.

CEO Kim stated that Hashed will assist not only in the blockchain field but also in the entry of all innovative technology startups, including IT, into Abu Dhabi. He said, “Various Korean startups and unicorn companies in Hashed’s portfolio, such as sports tech company Fitogether, second-hand clothing platform Charan, fashion platform Musinsa, and Web3 K-pop project Modehouse, are entering the UAE.”

At this ADFW event, Hashed also opened a souvenir sales booth at the Abu Dhabi Global Market (ADGM) and showcased the virtual asset payment system (PoC) ‘Cashnote.io’. By scanning a QR code with a smartphone, payments are made in Polygon-based USD Coin (USDC), and settlements are made to the seller in the local currency, Dirham. CEO Kim said, “This payment system was showcased as a symbolic event in a region aiming to be a hub for digital assets and blockchain technology.”

Meanwhile, CEO Kim expressed gratitude for collaborating with excellent partners like Hub71 to build the Abu Dhabi Web3 ecosystem, stating, “We will go beyond being a simple venture capital and emerge as an active ecosystem builder with strategic initiatives.”

Abu Dhabi, United Arab Emirates (UAE) = Yang Hanna, Bloomingbit Reporter sheep@bloomingbit.io