Hashed Ventures intends to set up a local office in Abu Dhabi and is thinking about raising money in the city, Hashed CEO Simon Kim informed Bloomberg.

Particularly in the domains of fintech and blockchain, venture capital seeks to help Korean entrepreneurs enter the United Arab Emirates market. Kim claimed that Hashed has already begun collaborating with South Korean businesses valued at more than $1 billion arriving on the Abu Dhabi market.

Hub71, Abu Dhabi’s innovation incubator, supports the expansion of companies by means of necessary resources, access to possible investors and partners, and local regulatory compliance assistance.

Due to restrictions on growing businesses locally, such as the dwindling population, Kim said, startups in South Korea must now venture abroad. Major firms like Binance and Coinbase have noticed the UAE’s attempts to provide clear rules for its crypto industry as well.

Established in 2017, the South Korean crypto VC has made investments in some of Web3’s most well-known initiatives, including the failed TerraUSD stablecoin, dYdX, play-to-earning game Axie Infinity, and Yuga Labs, a developer of Bored Ape.

According to the report, Hashed—which has operations in San Francisco and Singapore—will keep growing its worldwide presence.

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