Abu Dhabi’s Launch of ‘Hub71+ Digital Assets’ Opens up TON Foundation Ecosystem
The TON Foundation, a non-profit association of developers and enthusiasts that exists to advance The Open Network (TON), has opened up its ecosystem to start-ups and investors based at Hub71+ Digital Assets, an Abu Dhabi-based Web3 specialist ecosystem backed by the Government of the United Arab Emirates (UAE), with more than $2 billion of capital to deploy.
Hub71+ Digital Assets will channel start-ups into the growing TON ecosystem, enabling innovative projects to benefit from a revolutionary technology to unite all blockchains and Web2 internet into one open network. TON was born to empower billions of Telegram users with genuine Web3.
Hub71+ Digital Assets will also give priority access to the pool of capital available to TON-based projects put forward by TON Foundation. The $2 billion of capital in government funding committed to fund Web3 startups and blockchain technologies in the Abu Dhabi-based hub will pave the way for the UAE to play a pivotal role in the Web3 ecosystem.
Furthermore, the collaboration with Hub71+ Digital Assets will cement TON Foundation’s position among regulators and key stakeholders in the emerging digital economy of the United Arab Emirates (UAE), enhancing opportunities for it to engage in consultation and licensing initiatives.
Start-ups based at Hub71+ Digital Assets will also have the opportunity to apply for funding with the $250 million TONcoin.Fund. TONcoin.Fund is interested in meeting teams that are building TON-native products, aimed at tapping into 700 million Monthly Active Users (MAU) on Telegram Messenger.
TONcoin.Fund also considers cross-chain projects that bring users, liquidity and value to the TON ecosystem. The fund’s portfolio includes investments across all sectors of Web3, including decentralized finance (DeFi), GameFI, SocialFi, metaverse, payments, stablecoins and Decentralized Autonomous Organizations (DAOs).
Steve Yun, Founding Member of TON Foundation, said:
“Through our partnership with Hub71, we are excited to welcome innovative founders and strategic investors into the TON ecosystem. Empowered by the leading regulatory framework of Abu Dhabi, we look forward to nurturing an organic yet explosive growth of the two blockchain ecosystems together.”
Web3 startups, from seed to unicorn stage, will benefit from the ability to scale globally through Hub71+ Digital Assets, unlocking access to a host of programs, initiatives, and its extensive range of Web3 focused corporate, government and investment partners in the UAE and global markets. Hub71+ Digital Assets will be based at Hub71 in Abu Dhabi Global Market (ADGM) where Web3 startups can operate in a progressive regulatory environment, which offers world-class blockchain and virtual asset infrastructure.
Hub71+ Digital Assets will contribute to supporting the UAE Digital Economy Strategy, which aims to double the contribution of the digital economy to non-oil GDP to more than 20 per cent within 10 years.
About The Open Network
The Open Network (TON) is a revolutionary technology to unite all blockchains and Web2 internet into one open network. It was born to empower billions of Telegram users with genuine Web3. Originally introduced by the Telegram team inheriting its freedom and openness ethos, it has been run as an open-source community project since 2020. TON’s layer-1 architecture is designed to scale up to 2 to the power of 32 workchains, each of which can be subdivided into up to 2 to the power of 60 shardchains. It can support millions of transactions per second near-instantly.
Telegram has helped people stay connected. TON will transform the communities into economies. Learn more: https://www.ton.org
Hub71 is Abu Dhabi’s global tech ecosystem that enables founders to build globally enduring homegrown tech companies in any sector by providing access to global markets, a capital ecosystem, a global network of partners, and a vibrant community filled with highly skilled talent, governed by forward-thinking regulation.
Backed by the Government of Abu Dhabi and Mubadala Investment Company, Hub71 is growing its vibrant community of tech startups, investors, government, and corporate partners to ensure the availability of investment, commercial activities, and incentives from the public and private sectors. Through Hub71’s entrepreneurial infrastructure, value-add programs, enabling services and support packages, founders can build and scale widely adopted technologies with purpose and impact. Hub71 is on a mission to introduce new minds and technologies to Abu Dhabi, finding new ways to build globally enduring technology companies and sustain the nation’s continuous economic development.
For more information visit www.hub71.com and follow us on @Hub71AD #Hub71.