Dubai’s Sheikh Ahmed bin Saeed backs European crypto fund.

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Summary: Saeed Group, a Dubai firm led by a royal family member and
Emirates Group Chairman Sheikh Ahmed bin Saeed Al Maktoum, is reportedly
backing a Liechtenstein-based crypto fund.

The post Dubai’s Sheikh Ahmed bin Saeed backs European crypto
fund appeared first on TahawulTech.com.

Saeed Group, a Dubai firm led by a royal family member and Emirates
Group Chairman Sheikh Ahmed bin Saeed Al Maktoum, is reportedly backing
a Liechtenstein-based crypto fund.

According to a Bloomberg report, Sheikh Saeed’s private office
will help Invao, which invests in cryptocurrencies and blockchain
startups, attract more investors from the UAE.

Sheikh Ahmed bin Saeed Al Maktoum

The Private Office, as its known, makes its own investments, as
well as sourcing deals for others.

Set up last year, Invao has already invested more than $1 million
and has managed to make a profit even though the value of most
cryptocurrencies has slumped, co-founder Frank Wagner said in an
interview. The Bloomberg Galaxy Crypto Index has fallen 70 percent over
the past year, while Bitcoin, the most well-known digital currency has
tumbled more than 80 percent from its December 2017 high.

“Even in our worst month we still made 8 percent profit on our
investments,” Wagner said.

The partnership with Invao is part of the U.A.E. government’s
plan to become a blockchain investment hub by 2021, Hisham Al Gurg, The
Private Office’s chief executive officer, said in emailed comments
to Bloomberg.

The post Dubai’s Sheikh Ahmed bin Saeed backs European crypto
fund appeared first on TahawulTech.com.

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