The year 2018 was a record-setter of sorts for UK startups, as new crypto ventures in the United Kingdom received over 200 million GBP from investors, according to reports issued by Ptichbook and London & Partners. New ventures in the UK were funded despite a slow year for cryptocurrencies around the world. Many of the funding companies were Venture capitals with a few institutional investors also seeding some crypto startups.
The largest funded venture was that of Bitfury. It raised funds via Series A funding receiving as much as 61 million GBP by close of offer. TradeIX, a UK based company led the funding round.
The funds appeared to pour in despite the suspended activity in terms of the economy due to Brexit. In a statement reassuring cryptocurrency industry, Kay Swinburne a Wales MP at the European Parliament said that the country and especially the capital city of London would continue to remain invested in the industry, and focus on blockchain technology adoption.
Reiterating her comments, the Deputy May of London for Business, Rajesh Agarwal, added that the current flow of funds into businesses in the city of London demonstrates the ranking it holds in terms of global geographic locations. He says that the volume and number of such funding instances clearly establish London’s growing prowess as a region which has further potential for technology growth.
Apart from the businesses already set up and operating, the capital city region is also attracting fresh talent and startups which are a runaway success in terms of innovation and value addition they bring to an evolving industry. All of these factors have built a very conducive environment for technology-first companies to reach out to the local talent which has made steady and exemplary growth in terms of blockchain, smart contracts and even dApps segments in a short time frame.
Commenting on the success of the technology sector in London, Mr. Agarwal adds that the overall business climate is structured on an open platform and attracts some of the best talents, with diversity and more, enabling a multi-ethnic work environment which further grooms a global region of business operations.
Even as Bitcoin, the poster-coin of cryptocurrency was crippled in terms of valuation in 2018, developers from around the world have not ceased from building projects, products, and solutions around this bellwether coin. This is more so in the temperate climates of Great Britain where the government policies and technology adoption gives ample opportunity for such adoption.