Abu Dhabi's technology ecosystem, Hub71, has announced a new initiative called "Hub71+ Digital Assets," with a capital backing of over US$2 billion. This project aims to advance Web3-based innovations, such as blockchain technology and metaverse applications. The initiative aspires to provide Web3 startups with access to a range of programs, and initiatives, as well as, corporate, government, and investment partners in both global markets and the UAE. The Hub71+ Digital Assets initiative said it intends to provide Web3 startups with access to a state-of-the-art blockchain and virtual asset infrastructure, as well as a progressive regulatory environment. This initiative will be …

The Federal Reserve Bank of New York has announced it will be partnering with the Bank for International Settlements Innovation Hub as part of the launch of its New York Innovation Center, an initiative aimed at exploring technology used to develop the global financial system. In a Monday speech for the opening of the New York Innovation Center, Federal Reserve chair Jerome Powell said the partnership would support the agency’s analysis of digital currencies including the rollout of a central bank digital currency, or CBDC. The center plans to support analyses aimed at improving cross-border payment systems. “The pace of …