UK Cryptocurrency Businesses See Over £200 Million In Investments During 2018

Investors Placed More Than £200 Million Into Crypto Startups In The UK Just In 2018

Although the cryptocurrency market dropped substantially during 2018 cryptocurrency startups in the United Kingdom reached a new funding record last year. According to data provided by Pitchbook and London & Partners companies in the crypto, market raised £200 million from venture capital investors.

One of the most important companies raising funds was Bitfury when it launched a Series A funding round gathering £61 million. The funding round was led by TradeIX, a company based in the UK.

Compared to past years, the funds gathered in 2018 were much higher. In 2016, crypto companies received £51.96 million while in 2017 they received £19.11 million, despite the bull market that affected the whole crypto space.

According to the report, technology companies and businesses located in other cities are receiving almost double the amount of growth capital available compared to Berlin, Paris or Stockholm.

On the matter, London's 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.”

He went on saying that even after Brexit London will remain a place open for innovation and technology.

Kay Swinburne, a member of the European Parliament for Wales, said that London could keep relevant embracing blockchain technology. She said that London should attract these new technologies to remain an attractive hub for businesses.