Crypto Industry Thrives in the UK

UK Crypto Ventures Raised Over $255 Million VC Funding in 2018

Brexit and the sharp downturn from the cryptocurrency markets have not been able to stop the growth of the British crypto industry. End of year statistics show that crypto-related companies in the uk have increased a total of over #200 million ($255.2 million) in funding venture capital during 2018.

New investment figures published by the U.K.’s London & Partners and Pitchbook reveal that British technology companies raised a total of #2.49 billion in 2018down from #3.12 billion the preceding year. London, the capital and the financial center of the country, was responsible for around 72 percent of the activities, with technology companies based in the city increasing #1.8 billion during the year, again down from #2.53 billion in 2017.

One area that did particularly good during 2018 in the U.K. was cryptocurrency and blockchain startup businesses. The business achieved record growth this past year, together with British companies receiving over #200 million in venture capital financing. This is a leap by an order of size from only #19.11 million raised in 2017, and quadrupling the 2016 figure of #51.96 million. Notable deals comprised a #61 million private placement funding around for Bitfury, and a #12 million Series A round for London-based Tradeix.

Despite the fall in total venture capital investment in 2017, the statistics show the U.K. and its capital remain the most purposeful markets for technology startups from Europe in 2018. Among the top 3 countries by total venture capital financing poured into technology firms in 2018, the U.K. dominates #2.49 billion, followed by Germany with #1.38 billion and France in the last area with #1.03 billion. Taking a look at the top three cities we get a similar image with London top with #1.8 billion, Berlin at second place with #936.53 million and last comes Paris with #797.04 million.

Deputy Mayor for company Rajesh Agrawal commented:”These figures reveal that London is going from strength to strength as a worldwide hub for technology, innovation and imagination. The wonderful success of our technology industry is rooted in our city’s openness and our diverse, international talent pool. Regardless of the outcome of Brexit, London will stay receptive to innovation, talent and investment from all over the world.”

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