Brexit and the sharp decline in cryptocurrency markets could not stop the growth of the British cryptocurrency industry. At the end of the year statistics show that cryptocurrency-related companies in the UK attracted a total of more than 200 million pounds ($ 255.2 million) of venture capital investments during 2018.
New investment data published by British companies London & Partners and Pitchbook show that British technology firms raised 2.49 billion pounds in 2018 compared with 3.12 billion pounds in 2017. London, the capital and economic heart of the country, received 72% of investments. Technology companies based in the city collected £ 1.8 billion over the course of the year, compared with £ 2.53 billion in 2017.
Especially succeeded in 2018 in the UK is the company engaged in cryptocurrency and blockchain. Last year, the sector reached record growth: British firms received venture financing worth more than 200 million pounds. This is an order of magnitude more compared to 19.11 million pounds collected in 2017, and four times higher than in 2016 - 51.96 million pounds. Among the widely known investments is Bitfury financing of $ 80 million in November 2018.
Despite the decline in total venture capital investment since 2017, the numbers show that both the UK and its capital remain the most significant markets for technology start-ups in Europe in 2018. In the top three countries in terms of venture capital invested in technology companies in 2018, the UK dominates with 2.49 billion pounds, followed by Germany with 1.38 billion pounds and last place is France with 1.03 billion pounds. If you look at the top three cities, we get a similar picture: London with 1.8 billion pounds is in the lead, Berlin is in second place with 936.53 million pounds, and Paris is the third with 797.04 million pounds.
Deputy Mayor of London for business issues Rajesh Agrawal commented:
“These numbers show that London is becoming stronger and stronger as a global center for technology, innovation and creativity. The fantastic success of our technology sector is associated with the openness of our city and our diverse international personnel reserve. Regardless of the results of Brexit, London will remain open to innovation, talent and investment from around the world”.
Despite the success of the country, in December there was information that more than three hundred British blockchain companies closed in 2018 - about 200 of them were opened in 2017, and 60% of them ceased to exist between June and November 2018. In addition, at the end of the year, the UK released a tax guide for cryptocurrency investors.