Venture Capitalists (VCs) globally are investing in cryptocurrencies and blockchain ventures as the digital disruption catalyses the windfall complemented with a rebound from the pandemic.
The first half of this year itself saw investments surge to more than double the whole of 2020, according to KPMG’s Pulse of Fintech study. So why the rush? Will we see the trend spilling over to the Middle East?
Arshad Khan, chief executive officer of Arabian Bourse, said: “There has been an increase in VC investments in the virtual asset industry in recent years. Motivated by the significant technological capabilities amidst a growing public acceptance and endorsement of the cryptocurrencies, venture capital funds around the world have sought to increase their stake and exposure in the space, with billions of dollars invested into exchanges, digital asset infrastructure providers, virtual assets funds, and digital wallet companies.”
Khan adds: “Moreover, the global trend has also manifested in the Middle East, with notable VC investments taking place including that of UAE-based crypto investment funds which are getting active. Increasing institutional participation on the buy and sell-side is also driving VC interest.”
For instance, Rain — licensed by the Central Bank of Bahrain as a crypto asset brokerage — has raised $17.9 million to date from investors like MEVP, Coinbase, and many others. Kristin Lorie, VP of Marketing at Rain, said: “At Rain, we believe the cryptocurrency...
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