South Korean crypto venture firm Hashed expands to Abu Dhabi

Seoul-based cryptocurrency venture capital firm Hashed Ventures is actively expanding into other countries. The company's strategic partnership with Hub71, a well-known global technology ecosystem in Abu Dhabi, may also indicate the attractiveness of cryptocurrency companies in Middle Eastern countries.

Hashed Ventures Establishes Office in Abu Dhabi

As a significant player in the crypto investment space, Hashed Ventures plans to establish a local office in Abu Dhabi. CEO Simon Kim revealed this development in an interview with Bloomberg. Apart from setting up an office, Hashed is also exploring fundraising opportunities in the city to leverage Abu Dhabi's thriving tech and investment environment.

Facilitating Korean Startups' Entry into the UAE Market

An essential aspect of Hashed's expansion strategy is facilitating Korean startups' entry into the United Arab Emirates (UAE) market, with a focus on areas like fintech and blockchain. Kim mentioned that Hashed has begun collaborating with several Korean companies valued at over $1 billion to assist them in entering the Abu Dhabi market.

Hub71: Catalyst for Startup Growth

Hub71, a tech incubator in Abu Dhabi, plays a crucial role in this expansion. Known for nurturing startups, Hub71 provides essential resources, connects them with potential partners and investors, and ensures compliance with local regulations. This supportive environment is expected to greatly benefit Korean startups entering the Abu Dhabi market.

Korean Startups Seeking Global Expansion

Simon Kim emphasizes the need for Korean startups to seek growth in foreign markets, citing challenges such as a declining population in Korea. This demand aligns well with the UAE's proactive stance in establishing clear crypto regulations, making it an attractive destination for industry giants like Binance and Coinbase.

Hashed Investment Record: Major Setback with TerraUSD

Established in 2017, Hashed Ventures boasts a strong investment portfolio, backing some of the most prominent projects in the Web3 space. This includes creators of Bored Ape Yacht Club, Yuga Labs, decentralized exchange dYdX, play-to-earn game Axie Infinity, and the unfortunate failure of the TerraUSD stablecoin.

Continued Global Expansion

With offices already in San Francisco and Singapore, Hashed Ventures' expansion to Abu Dhabi marks another step in its ongoing global expansion strategy. The company reportedly aims to broaden its international influence.