Dubai — Mubasher: Dubai royal Sheikh Saeed bin Ahmed Al Maktoum, who is also Emirates Group chairman, is supporting cryptocurrency fund manager Invao as it seeks to attract further investors from the UAE.
Al Maktoum’s private office, which makes its own investments, along with sourcing deals for others, will help the Liechtenstein-based company obtain funding from the GCC nation’s investors, Bloomberg News reported.
Established in 2018, Invao, which invests in cryptocurrencies and blockchain startups, has already invested as much as $1 million and has managed to generate a profit even though the value of most cryptocurrencies has slumped, the firm’s co-founder told Bloomberg.
“Even in our worst month we still made 8 percent profit on our investments,” Frank Wagner said.
Over the course of the previous year, the Bloomberg Galaxy Crypto Index has tumbled 70%.
For his part, The Private Office’s CEO Hisham Al Gurg said the partnership with Invao is part of the UAE government’s scheme to turn to a blockchain investment hub by 2021.
