Cryptocurrency businesses in the UK in 2018 broke new ground, raising GBP 200 million (USD 255 million) from venture capital investors, demonstrating the health of the industry despite the market downturn last year.
As for current concerns regarding a no-deal Brexit in the UK, Chancellor Philip Hammond‘s forecast last year that the UK could see an 87.7% hit to GDP and a GBP 80 billion black hole in public finances in a no-deal scenario holds no concern for many cryptocurrency experts moving forward towards D-day.
Mike Romanov, chief executive of Digital Securities Exchange (DSX), sees Brexit as a further way of the UK establishing its own rules for cryptocurrency trading which will push the sector forward, arguing, “Britain is already looking at how it can maintain its dominance in financial services post Brexit, even as some major players abandon ship ahead of March next year.”
Last year saw the world’s leading full-service blockchain technology company Bitfury launching its series A funding, raising GBP 61 million; this compared to 2016 where crypto companies combined in the UK received GBP 51.96 million, a figure which dropped GBP 19.11 million in 2017.
The figures were released as part of a recent report published by Pitchbook and London & Partners, which also revealed that London was way ahead of other European capitals such as Berlin, Paris or Stockholm. 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 to assure the industry that regardless of Brexit, whatever the outcome on 29 March, London is still open for crypto business and new technology. Kay Swinburne, a member of the European Parliament for Wales, echoed these thoughts, suggesting the need to stay relevant in embracing blockchain technology, thereby remaining a major European hub for business.
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