Brexit and the sharp downturn in the cryptocurrency markets have not been able to stop the growth of the British crypto industry. End of year figures show that crypto-related companies in the United Kingdom have raised a total of over £200 million ($255.2 million) in capital venture funding during 2018.
Also Read: Banking Agency Advises European Commission to Assess Common Crypto Approach
Crypto Industry Thrives in the UK
One area that did particularly good during 2018 in the U.K. was cryptocurrency and blockchain startup companies. The sector achieved record growth last year, with British firms receiving over £200 million in venture capital funding. This is a jump by an order of magnitude from just £19.11 million raised in 2017, and quadrupling the 2016 figure of £51.96 million. Notable deals included a £61 million private placement funding round for Bitfury, and a £12 million Series A round for London-based Tradeix.
London Still a Global Tech Hub
Deputy Mayor for business Rajesh Agrawal commented: “These figures demonstrate that London is going from strength to strength as a global hub for technology, innovation and creativity. The fantastic success of our tech sector is rooted in our city’s openness and our diverse, international talent pool. Regardless of the outcome of Brexit, London will remain open to innovation, talent and investment from all over the world.”
Is Brexit a threat to London-based crypto companies or just a distraction? Share your thoughts in the comments section below.
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Source: Bitcoin.com