Zero Two, a digital assets infrastructure company backed by Abu Dhabi holding company ADQ, has started operations to cater to the growing demand for Web3 technology and its ecosystem.
The company, which offers end-to-end digital assets infrastructure solutions, will support businesses to “capitalise on the broad innovative scope and transformative potential the technology offers”, it said in a statement on Thursday.
Its services include developing power infrastructure, sourcing and testing the latest technologies, building and operating data centres, and providing digital assets management facilities.
“Digital assets hold vast potential that is only beginning to be explored and leveraged,” said Ahmed Al Hameli, chief executive of Zero Two.
“Zero Two enters the market with a robust and broad business model catering to rapidly emerging demand and a demonstrated commitment to meeting the highest standards of security and compliance.”
Web3 is the emerging third generation of the World Wide Web, with blockchain, decentralisation, openness and greater user utility among its core components.
Its market size is expected to reach about $6.2 billion in 2023 and grow at a compound annual rate of 44.6 per cent from 2023 to 2030, according to Market Research Future.
In February, Abu Dhabi technology platform Hub71 unveiled a specialist ecosystem to accelerate the growth of Web3 start-ups.
Hub71+ Digital Assets will give Web3 start-ups access to all stakeholders, such as venture capital companies, customers, technology providers, blockchain platforms and the regulator, the Abu Dhabi Global Market.
Founded this year, Abu Dhabi-headquartered Zero Two is also focused on supporting the resiliency of the local power grid as the Emirates progresses on its net-zero journey, it said.
The company is “set to play an integral role in facilitating the continued stability of the power grid of Abu Dhabi … by utilising excess power in low demand seasons to operate its … data centres located in Abu Dhabi, further supporting the resiliency of the local power grid”, it said.
It has joined forces with companies in the energy and utilities sector as well as government institutions.
“We are confident that our offering that utilises excess power from the local power grid, which is the first of its kind in the UAE and the wider region, will not only meet the needs of our clients but also exceed their expectations with regards to the various benefits that can be derived from deploying distributed ledger technologies,” Mr Al Hameli said.
