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South Korean cryptocurrency firm Hashed expands to Abu Dhabi
(Bloomberg) — Hashed Ventures is the latest digital asset firm to expand its presence in Abu Dhabi, where an advantageous regulatory environment has made it one of the most important crypto hubs globally.
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The Seoul, South Korea-based cryptocurrency investment firm has launched a partnership with Abu Dhabi-based global tech ecosystem Hub71. Hashed plans to introduce more Korean startups to the UAE, including those in the fields of financial technology and digital assets. Hashed will also look to open an office in Abu Dhabi and explore potential fundraising opportunities in the UAE capital, according to Simon Seo-Joon Kim, CEO and managing partner of Hashed.
Founded in 2017, Hashed oversees approximately $700 million in assets and already has offices around the world, including San Francisco and Singapore. Kim said in an interview that the company is actively looking to expand overseas, as the environment for startups in South Korea has become increasingly difficult for several reasons, including difficulty in expanding its home market .
“For Korean startup, the mission to expand its business overseas is quite mandatory because Korea’s biggest problem is that our population is decreasing,” Kim said in an interview. “But I believe that from a talent perspective, the Korean entrepreneur is one of the best in the world, so we need to expand our business overseas.”
The UAE has stepped up efforts to attract cryptocurrency firms, already attracting deals from Binance, OKX and Nomura’s Laser Digital. In Abu Dhabi, Hub71 has also launched a program with over $2 billion in committed capital to fund Web3 startups and blockchain technologies. Hub71 is headquartered in Abu Dhabi Global Market, the international financial center.
“We are excited by the prospect of welcoming more Korean startups to Abu Dhabi and attracting the most promising Web3 and digital asset technologies to the UAE capital,” wrote Ahmad Ali Alwan, CEO of Hub71, in an emailed statement. email.
Kim said Hashed is already helping some South Korea-based companies, valued at more than $1 billion, enter the Abu Dhabi market. He declined to reveal the names of the companies, saying the process was still ongoing.
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“The UAE is a very special market for us because, from a regulatory perspective, Abu Dhabi has the friendliest and clearest guidance for Web3 startups,” Kim said. “So these days, so many Web3 startups are opening offices in Abu Dhabi.”
Kim also said that the global phenomenon of Korean content such as Korean pop music and drama, as well as South Korea’s long-standing relationship with the United Arab Emirates, which builds nuclear power plants, are advantages for Korean startups looking to enter the Middle East.
Although Hashed is based in Seoul, most of its portfolio companies are based outside of South Korea. Some of its well-known portfolio companies include Bored Ape creator Yuga Labs, decentralized derivatives exchange dYdX, and the blockchain-based game Axie Infinity. He was also an investor in the failed algorithmic stablecoin TerraUSD.
(Adds Abu Dhabi Global Market in fifth paragraph.)
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