Arab Sheikh Supports Invao Cryptocurrency Fund
A member of the royal family in Dubai and concurrently the founder of the Private Office is supporting a crypto fund from Liechtenstein Invao, Bloomberg reports. In turn, this European fund management firm is going to attract more investors from the UAE.
Sheikh Saeed bin Ahmed Al Maktoum has his own office in Dubai, which will help the firm to seek funding sources in the UAE. It is known that Sheikh’s office invests in cryptos and blockchain and provides support to other companies in making deals.
Thus, Sheikh Saeed bin Ahmed Al Maktoum is following the UAE state initiative, aimed at introducing distributed ledger. According to the plan, Dubai should become the center of blockchain investments by 2021. Mohammed bin Rashid Al Maktoum, the vice-president of the country and emir (mayor) of Dubai, emphasized that the decentralized technology will help to get ready for the future challenges and reduce administrative expenses by $3 billion a year.
It is worth noting that the UAE blockchain strategy is based on the principles that should ensure the happiness of local residents, government efficiency, advanced legislation, as well as promote entrepreneurship at the global level.
The Invao startup was founded in 2018. During this period, the company made investments totaling $1 million and earned a profit, despite the crypto market collapse in late 2018. According to the representatives of the Liechtenstein-based project, they succeeded to get 8% from their investments even in the worst months.
As previously reported, the UAE and Saudi Arabia intend to develop their own cryptocurrency.