(Bloomberg) -- Dubai royal Sheikh Saeed bin Ahmed Al Maktoum is backing cryptocurrency fund manager Invao as the Liechtenstein-based firm seeks to attract more investors from the United Arab Emirates.
Sheikh Saeed'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, 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 contact the reporter on this story: Matthew Martin in Dubai at mmartin128@bloomberg.net
To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Claudia Maedler
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