Brexit and the sharp downturn in the cryptocurrency markets have not been able to stop the growth of the British crypto industry. End of year figures show that crypto-related companies in the United Kingdom have raised a total of over £200 million ($255.2 million) in capital venture funding during 2018.
Also Read: Banking Agency Advises European Commission to Assess Common Crypto Approach
Crypto Industry Thrives in the UK
New investment figures published by the U.K.’s London & Partners and Pitchbook show that British tech firms raised a total of £2.49 billion in 2018, down from £3.12 billion the previous year. London, both the capital and the economic heart of the country, was responsible for about 72 percent of the actions, with tech companies based in the city raising £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 companies. The sector achieved record growth last year, with British firms receiving over £200 million in venture capital funding. This is a jump by an order of magnitude from just £19.11 million raised in 2017, and quadrupling the 2016 figure of £51.96 million. Notable deals included a £61 million private placement funding round for Bitfury, and a £12 million Series A round for London-based Tradeix.
London Still a Global Tech Hub
Despite the drop in total venture capital investment from 2017, the figures show that both the U.K. and its capital remain the most meaningful markets for tech startups in Europe in 2018. Among the top three countries by total venture capital funding poured into technology companies in 2018, the U.K. dominates with £2.49 billion, followed by Germany with £1.38 billion and France at the last place with £1.03 billion. Looking at the top three cities we get a similar picture with London leading with £1.8 billion, Berlin at second place with £936.53 million and last comes Paris with £797.04 million.
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. Regardless of the outcome of Brexit, London will remain open to innovation, talent and investment from all over the world.”
Is Brexit a threat to London-based crypto companies or just a distraction? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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