Despite all the things the UK is going through right now with Brexit and Government MPs stepping down left right and centre, the cryptocurrency market hasn’t stopped growing. Even the sharp downtrend we have experienced in the crypto market hasn’t been able to halt its growth.
Bitcoin powers through
New investment figures have been published by the UKs London & Partners and Pitchbook which show that British tech firms raised a total of $2.49 billion in 2018, down from £3.12 billion in the previous year. The English capital isn’t just a popular tourist destination but it is the economic heart of the country which was responsible for just over 70 percent of the actions with tech firms based in the city bringing in £1.8 billion during the year which was down once again from 2017 with £2.53 billion.
There was one thing the UK boomed in during 2018 which was the cryptocurrency and blockchain startup companies. The sector achieved record growth last year with British companies bringing in more than £200 million in venture capital funding. As reported by Bitcoin.com, “this is a jump by an order of magnitude from just £19.11 million raised in 2017, and quadrupling the 2016 figure of £51.96 million. Notable deals included a £61 million private placement funding round for Bitfury, and a £12 million Series A round for London-based Tradeix.”
Even though there was a significant drop in 2017 in the total venture capital investment, the figures show that both the UK and its capital remain the most meaningful markets for tech startups in Europe in 2018. In fact, the top three countries by total venture capital funding pushed towards the tech firms last year saw the UK dominating with £2.49 billion. The next was Germany and France with £1.38 billion and £1.03 respectively. “Looking at the top three cities we get a similar picture with London leading with £1.8 billion, Berlin at second place with £936.53 million and last comes Paris with £797.04 million.”
Rajesh Agrawal, who is the Deputy Mayor for business, commented on the topic saying. “these figures demonstrate that London is going from strength to strength as a global hub for technology, innovation and creativity. The fantastic success of our tech sector is rooted in our city’s openness and our diverse, international talent pool. Regardless of the outcome of Brexit, London will remain open to innovation, talent and investment from all over the world.”