Investcorp has confirmed the launch of the world’s first institutional blockchain fund from the populous city of the United Arab Emirates. Abu Dhabi. This marks another step towards the adoption of blockchain and cryptography by the United Arab Emirates, which had also recently legalized cryptography and introduced new policies for these blockchain-based assets.
eLydian Lion by Investcorp
Investcorp is a global manager of alternative investment products, for private and institutional clients and with its new product, the eLydian Lion, the company aims to “focus on investing in companies leading the next digital evolution driven by technology blockchain”. It is also a fact that according to the official announcementeLydian Lion is the first dedicated institutional blockchain fund based within the Gulf Cooperation Council (GCC).
The official announcement also added that the fund revealed by Investcorp “will provide investors with early exposure to the rapidly growing blockchain ecosystem, which is at the forefront of the digital transformation of the economy.” He further added:
The Fund will primarily invest in early-stage companies operating in areas of the blockchain ecosystem such as blockchain infrastructure, platforms and exchanges, decentralized finance, and data analytics.
Blockchain adoption in the UAE
Importantly, the UAE is increasingly favoring blockchain-based businesses and crypto exchanges. Additionally, Kripteu Magazine also reported that Binance has been approved as a digital asset broker-dealer in Abu Dhabi and the largest crypto exchange in the world also has a virtual asset license from Dubai authorities.
As Investcorp was approved to launch its new blockchain-based fund, the Prime Minister and leader of the United Arab Emirates, Sheikh Al Maktoum, confirmed the implementation of a new crypto law confirming the favorable position of the UAE on crypto and blockchain technology. Many companies like FTX are migrating to the country to provide their services.