BlockchainCryptocurrency News

$30 Million Entrusted by European Union to Digital Assets and Blockchain Funds

It has been such a long time since the analysts have shown their concerns over the lack of involvement by the European Union in technological advancements. The data shows that whenever the European Union was after technological advancements, it asked for the help of other countries.

The major countries that the European Union has always pointed towards include China and the United States. This is the main reason why the European Union was always criticized by the analysts and the firms based in the European Union.

The analysts keeping a close eye on the cryptocurrency sector in the EU have also criticized its lack of interest in the crypto-industry. Instead, the EU has adopted a very aggressive stance against cryptocurrencies and blockchain technology.

However, the European Union (EU) has finally started waking up as it is now able to see outside of the box and the potential of the cryptocurrency and blockchain sector.

The reports are now emerging that the European Union is now moving towards the investment sector in the cryptocurrency industry. The European Union is also looking forward to exploring and looking into firms that focused on innovative technologies.

The European Union is investing in these sectors so it can benefit from them and learn about the technology and protocols involved in the cryptocurrency sector.

The reports have started emerging that the European Union agency responsible for SME financing, the European Investment Fund (EIF) has backed a new fund. It has been confirmed that the new funding is backed by the EIF is for blockchain and digital assets.

The sources have confirmed that the blockchain and digital assets fund that the EIF has backed and supported is Fabric Ventures. It is a Luxembourg-based venture capital fund. Fabric Ventures is known for making investments in the cryptocurrency sector.

Some of the major investment priorities of the venture firm include tokenization and digital assets. Additionally, the venture capital fund also supports other blockchain applications that are supported by the platform. The reports confirm that with EIF’s support, the platform has managed to generate and secure $30 million. The $30 million figure has only been invested by the EIF at the Fabric Ventures Fund.

EIF is not the only prominent investor that has invested in Fabric Ventures. Other prominent firms that have invested in the funding round include Ledger, PayU, Galaxy Digital, Google, Square, Wise, PayPal, and Ethereum.

Although the entire funding round is very important and significant for the platform, yet the involvement of EIF in the funding round holds a different meaning.

This means that the European Union is now ready to jump into the cryptocurrency and blockchain sector. This would prove to be extremely beneficial for everyone within the cryptocurrency sector as the crypto-sector would not be able to flourish in Europe.

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Skip to content