Unlike China, the U.S, and other countries European Union has shown its divine support to crypto and blockchain trading. However, in a recent development, The European Investment Fund handed over $30 million to a new blockchain and digital assets fund. The officials stated that this is an extremely important step to bring the whole European Union on the same page regarding the crypto and blockchains technologies.
Investigators have since a long time ago criticized the European Union’s absence of local tech monsters, highlighting the inlet between the EU and partners like the United States and China. However, in recent times European Union is actively investing in digital technologies to strengthen the economies of scale of the European Union.
Fabric Ventures, a funding reserve situated in Luxembourg that puts money into digital assets, tokenization projects, and other blockchain applications, has gotten $30 million from the EIF for its 2021 asset.
This is one of the biggest investments made by the European authorities in any blockchain venture. The primary goal behind the investment is to officially back digital currencies and the emergence of blockchain technologies all across Europe. This means Europe can be the first nation where governments on an official level can join hands to include crypto and digital assets in the mainstream.
Apart from that, some of the world’s most famous names contributed to raising $30 million, those names include Ethereum, PayPal, (Transfer)Wise, Square, Google, Galaxy Digital, PayU, Ledger, and many others. The Fabric Ventures group incorporates Richard Muirhead, Max Mersch, and Anil Hansjee.
These three are passionate and pretty active in developing digital assets, decentralized governance, and market infrastructure. They followed their passion which led them to build the Firestartr fund, backed by Bitstamp, Tray.io, Railsbank, and others.
Muirhead said:
“What to note here is that there’s an acknowledgment at European Commission level, that this region is one of international importance for the EU coalition. However, on the other hand, North America reacting wildly, and worst of all is shadowing state of the Chinese Communist Party.” There are malign political and global dominance ambitions behind this unfair and catastrophic threat of the crypto world.”
This planned oppression could go out of the hands and crypto miners, exchanges and currencies have public backing and are far more precious than paper money. The economies of scale regarding the digital world are massive that they can start political destabilization.
Either one agrees or disagrees with the above viewpoint regarding North American and Chinses authorities. But one thing is sure that European countries are leading the way and following European Union for unification. This collective approach is a huge support in the favor of the crypto market.