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.

Hashed Ventures plans to open a local office in Abu Dhabi and is considering fundraising opportunities in the city, Hashed CEO Simon Kim told 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.

Abu Dhabi's tech incubator, Hub71, fosters the growth of startups by providing them with essential resources, facilitating connections to potential partners and investors, and assisting compliance with local regulations.

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.

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Founded in 2017, the South Korean crypto VC has made investments in some of Web3’s most prominent projects, such as Bored Ape maker Yuga Labs, dYdX and play-to-earn game Axie Infinity, and the failed TerraUSD stablecoin. 

Hashed, which has established offices in San Francisco and Singapore, will continue to expand its global footprint, according to the report.

Hashed and Hub71 did not immediately respond to The Block’s request for further comments.