Connect with us

Hi, what are you looking for?

Finance

Investcorp Starts Raising Blockchain Fund

The Middle East’s largest alternative asset manager is raising a new fund for investing in startups developing blockchain technology. 

According to a post on Investcorp Holdings’ website today, the eLydian Lion fund will be based in Abu Dhabi and will have a global investment mandate. Investcorp is Bahrain-based. 

The fund will enable investors to gain early exposure to the rapid growth of the blockchain ecosystem, the post said. It will mainly back early-stage companies operating in areas such as blockchain infrastructure, platforms and exchanges, decentralized finance and data analytics.

Investcorp moved to delist from the Bahrain stock exchange last year, after nearly 40 years as a publicly traded entity. At the time, it said the move would give it the agility to expand faster.The Block asked Investcorp for details on the planned closing date and target amount for the fund but had not heard back by the time of publication. 

The new fundraise follows a flurry of activity in the Middle East as it seeks to solidify its place as a crypto-friendly region. In March, Dubai unveiled a new agency tasked with virtual asset regulation — a framework which crypto exchange giant Binance helped it to establish.

Over the weekend, Binance received in-principle approval from Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in digital assets.

Featured

Bitcoin Mining

Despite a $72 million rescue offer from creditors, concerns have been raised about the general viability of the Bitcoin trading community amid a protracted...

Altcoin

Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it...

Bitcoin

Bitcoin price is facing resistance near $17,000. BTC could start another decline unless there is a strong move above the $17,000 resistance zone. Bitcoin...

Ethereum

Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move...