Sheikh Ahmed bin Saeed Al Maktoum, the CEO, and chairman of the Emirates Group has invested into Invao, Bloomberg reports. The investment was made by the Dubai-based SEED Group, a company of the private office of Sheikh Al Maktoum.
On the other hand, Invao is a Germany-based cryptocurrency fund manager focused on blockchain tokens and cryptocurrencies. In addition, the fund invests in cryptocurrencies and blockchain startups.
Frank Wagner, the CEO and co‑founder of INVAO said:
“It is with great excitement that we announce the launch of this landmark partnership. This represents a seal of approval from an association of elite business minds across the UAE. At INVAO, we have the extensive experience, tact, and resources to contribute to the ascent of the UAE as a bonafide world leader in blockchain technology and look forward to helping this vision to crystallise. INVAO’s recent activity across the Middle East has shone a light on the region’s fertile ground for sustained growth and innovation”
INVAO was founded last year and has its offices in Berlin. Since the founding, the company has invested around $1 million and has recorded profit, even though the entire cryptocurrency market has lost around 80 percent of its value.
“Even in our worst month we still made 8 percent profit on our investments,” Wagner said to Bloomberg.
The SEED Group selected INVAO to lead the process of implementation of the Emirates Blockchain Strategy 2021. With this partnership in place, the United Arab Emirates investors will have access to crypto as an asset class.
Hisham Al Gurg, CEO of SEED Group, said:
“We have selected INVAO as our international partner for blockchain investments as we believe that it will increase the transformation drive for the digital asset landscape in the UAE, whilst offering an enhanced standard and improved market access for investors in the region”
In 2018, the UAE Government approved the Emirates Blockchain Strategy 2021. The main aim of the strategy is to transform at least 50% of government transactions into a blockchain platform by 2021.
In addition to human resources, time and efforts, the UAE aim to save around 3 billion USD in transactions and documents processed routinely.
This can be seen as another step by the UAE Government towards making Dubai one of the world’s biggest crypto and blockchain hubs in the coming years.