Coinbase ‘welcomed’ to Abu Dhabi’s Hub71, hinting at new base in UAE

Coinbase ‘welcomed’ to Abu Dhabi’s Hub71, hinting at new base in UAE

DUBAI — Mubadala-backed Hub71, a technology startup ecosystem, is believed to have granted access to leading US cryptocurrency exchange Coinbase to set up an international hub in the United Arab Emirates (UAE) capital, Abu Dhabi, based on a tweet by Mubadala’s head of ventures and growth, Ibrahim Ajami, on Sunday.

At a Dubai-based tech event May 8, Coinbase CEO Brian Armstrong said that the UAE could serve as a hub for parts of the Middle East, North Africa and Asia.

Rudy Shoushany, founder and CEO of digital transformation talk show DxTalks, said the culmination of Coinbase’s recent UAE activity, eye on Hub71 investment and Ajami's tweet all indicate a deal has likely been finalized between the two entities. 

“Knowing all of that including [Ajami's] tweet seem to confirm that Coinbase is making af base or a regional headquarter there,” he said, although no official statement has been made by Hub71 or Coinbase. 

What happened: Mubadala’s head of ventures and growth, Ibrahim Ajami, welcomed Coinbase “to Hub71 and Abu Dhabi” in a tweet on Sunday. Mubadala is Abu Dhabi's second-largest sovereign wealth fund.

Hub71 told Al-Monitor that Coinbase visited its Abu Dhabi headquarters last week as part of its UAE tour and discussed the digital assets industry in