Seoul-based crypto venture capital firm Hashed Ventures is expanding its presence to Abu Dhabi via a new partnership with the city’s global tech ecosystem Hub71, according to Bloomberg.
The venture capital further aims to facilitate the entry of Korean startups into the United Arab Emirates market, especially in the fields of fintech and blockchain. Kim said that Hashed has already started working with South Korean companies with over $1 billion in value entering the Abu Dhabi market.
Startups in South Korea need to expand overseas due to limits in expanding business domestically, such as the declining population, Kim added. Meanwhile, the UAE has been making efforts to set clear regulations for its crypto ecosystem, which has drawn attention from major players such as Binance and Coinbase.