The Blockchain Belief and Cryptocurrency Ecosystem is Expanding in Israel
There are different countries attracting cryptocurrency and blockchain investments. However, Israel is showing that it has a lot to offer. The first cryptocurrency investment company in the country has just taken the decision to launch two funds that might allow the company to raise $50 million dollars.
Although the virtual currency market has been in a bear trend since the beginning of the year, the country has been moving towards crypto and blockchain adoption. According to Bloomberg, the first dedicated cryptocurrency investment company, Silver Castle Ltd., is targetting institutional and accredited investors.
Launching two funds, Silver Castle is expecting to raise $50 million dollars in assets under management before 2019. According to Silver Castle’s CEO, Eli Mizroch, the company was working for a year to enter the crypto market.
About It, Mr Mizroch Commented:
“We spent close to a year building a robust infrastructure for managing other people’s money at the level of institutional grade with very, very high security.”
The team behind Silver Castle is built by experts in the financial world such as Zvi Ziv, the former CEO at the Bank Hapoalim, the largest bank in Israel. Furthermore, Garbiella Ravid, former CEO and founder of the investment fund Psagot Ofek Investment House, is also working at Silver Castle. Psagot Ofek Investment House is the largest investment fund in the country.
In addition to this, the cryptocurrency mining company Bitfarms, recently announced that it initialized a regulatory process to go public in Canada. At the time, the company was able to fill a preliminary prospectus with the Ontario Securities Commission.
The main intention of the company is to grow its visibility around the world and improve their access to capital and streamline expense, said Wes Fulford, CEO at Bitfarms. He explained that Canada has one of the most interesting and active public markets in the industry. There have been some companies in the crypto and blockchain space already raising significant capital in Canada.
This shows that the virtual currency landscape in the country continues to grow amidst a bear market that affected the whole crypto industry this year.