UAE and other GCC countries are increasingly investing in local tech ecosystems in order to wean their economies from reliance on hydrocarbons
Image used for illustrative purpose. Photo Taken In United Arab Emirates, Abu Dhabi.
By Kudakwashe Muzoriwa, Banker Middle East
The Abu Dhabi Investment Office (ADIO) has invested in Securrency, a US-based developer of blockchain-based financial and regulatory technology through its ventures fund.
Tariq Bin Hendi, Director General at the Abu Dhabi Investment Office, said, “We are committed to supporting innovation-led businesses to establish and grow in the emirate of Abu Dhabi.
Securrency plans to use its Series A funding to advance its software and platform development, integrate with key strategic partners and other customers and build out its operational structure
The financial markets infrastructure developer has been substantially growing its operations in the Abu Dhabi Global Market.
In a statement, ADIO said that the investment anticipates the role Securrency will play in contributing to Abu Dhabi’s global position as an innovative international financial centre.
Securrency raised around $17.7 million in a round of financing which was led by WisdomTree Investments and other participants such as RRE Ventures, Strawberry Creek Ventures as well as Panthera Capital and Monex Group.
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