A Dubai Royal Is Taking His First Steps Into Crypto

(Bloomberg) — Dubai royal and Emirates Group Chairman Sheikh Ahmed bin Saeed Al Maktoum is backing cryptocurrency fund manager Invao as the Liechtenstein-based firm seeks to attract more investors from the United Arab Emirates.

Sheikh Ahmed’s private office will help Invao, which invests in cryptocurrencies and blockchain start ups, secure funding from investors in the Gulf state. The Private Office, as its known, makes its own investments, as well as sourcing deals for others.

Invao, which was set up last year, 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.

“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 contact the reporter on this story: Matthew Martin in Dubai at [email protected]

To contact the editors responsible for this story: Stefania Bianchi at [email protected], Claudia Maedler

A Dubai Royal Is Taking His First Steps Into Crypto – BNN Bloomberg