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For a long time, analysts have condemned the lack of local technology giants in the EU, and pointed out that there is a gap between the EU and its counterparts such as the United States and China. However, the EU now seems to be taking steps to increase investment in innovative technologies. The European Investment Fund (EIF), the European Union institution responsible for financing SMEs, recently supported a new digital asset and blockchain fund.
Fabric Ventures is a Luxembourg-based venture capital fund that mainly invests in digital assets, tokenization projects and other blockchain applications. It has received 30 million U.S. dollars from EIF, and its total fund in 2021 is 120 million U.S. dollars.
Other well-known investors include executives from Ethereum, PayPal, (Transfer)Wise, Square, Google, Galaxy Digital, PayU, Ledger, etc. However, EIF’s participation was seen by the fund’s founder as an important signal that the group may be adopting a new strategic approach to technology investment.
The Fabric Ventures team includes Richard Muirhead, Max Mersch and Anil Hansjee, the latter leading PayPal Ventures EMEA for five years. The trio’s interests are focused on digital tokens, decentralized governance, and market infrastructure. They previously founded the Firestartr fund, supported by Bitstamp, Tray.io, Railsbank, and other companies. Muirhead shared his views on the importance of EIF’s involvement in new projects interview:
“It should be noted here that the European Commission recognizes that this region has geopolitical significance for the EU. On the one hand, you have the North American’Wild West’ approach, and on the other hand, it can be said that it is the surveillance state of the Chinese Communist Party.”
Regardless of whether people agree with Murrihead’s description of the approach taken by the United States and China, his view of Europe is that the European Union is building a “personal third way” aimed at leveraging new technologies that can support “networks and networks” . Users in the market share data in order to realize their own and mutually beneficial interests.
Fabric Ventures represents the network capital of Bitcoin (Bitcoin) And ether (Ethereum) Reached $1 trillion in 10 years, which was adopted by major companies such as Goldman Sachs, PayPal, and Tesla. Under the banner of “open network” and “open finance”, the fund proposed plans to invest in various software tokens, decentralized networks and applications, and will also invest in traditional equity.
In official comments on EIF’s decision to support the fund, EIF CEO Alain Godard stated that the partnership aims to address the financial support needs of startups and entrepreneurs working in the blockchain field. Blockchain is an area of special strategic significance”. The EU and our competitiveness on the global stage. “
While recognizing the growing centrality of the digital economy, the European Commission is taking measures to further strengthen its anti-money laundering (AML) system and establishing a new agency specifically responsible for AML supervision-which will have an impact on the encryption field.Allegedly, the committee’s recent leaked documents pointed to the group’s current inadequate supervision of the transfer of crypto assets and expressed concern that this would lead to Cryptocurrency investors face money laundering risks And the risk of financing terrorism.
The committee also issued a regulatory proposal entitled Crypto asset market, Which aims to consolidate the comprehensive regulatory framework for the industry.
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