The private office of one of the world’s wealthiest royal, Sheikh Saeed bin Ahmed Al Maktoum, has partnered with a crypto investment company through a wholly owned subsidiary, Seed Group.
The 60 years old Sheikh, worth close to $40 billion, directly invests in businesses which bring advanced, innovative solutions to the UAE, selecting one leading company to partner with per industry, including technology, healthcare, hospitality, real estate, and in this case, investments, through the Seed Group.
So we’re told in a statement by Invao, a Blockchain Asset Pool for investors which trades a diversified portfolio of blockchain assets and cryptocurrencies, represented in only one single token.
Hisham Al Gurg (pictured), CEO of Seed Group who is described by local media as an investment advisor working in the Private Office of HH Sheikh Saeed Bin Ahmed Al Maktoum, says:
“We have selected Invao as our international partner for blockchain investments as we believe that it will increase the transformation drive for the digital asset landscape in the UAE whilst offering an enhanced standard and improved market access for investors in the region.
While the vision is to invest in blockchain, the partnership takes an inclusive approach to integrate and monitor the global market trend to take part in this global upsurge and overcome financial, cultural and regulatory differences.
On account of this significant rise from the UAE, the Middle East is now ready to become a global leader in blockchain technology.”
We’re told “the Private Office will direct investors seeking investment routes into crypto toward Invao. Invao allows investors to buy one token which represents a huge portfolio of cryptocurrencies, and engages in crypto portfolio management and arbitrage trading to yield returns.”
The crypto startup apparently gives 20% of their trading profits towards social causes, with Frank Wagner, CEO and Co‑founder of Invao, stating:
“Invao and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum share the common goal of seeing the UAE becoming a leader in the global blockchain ecosystem. We are excited to invest more into the region through the opening of our office in Dubai, and we are committed to bringing with us new investment options for institutional and retail investors alike.”
Prince Felix of Luxembourg was perhaps one of the first royal to invest in a crypto project, with Liechtenstein then seemingly following.
It is not known whether any royal has invested in actual crypto, however, with Trustnodes being told that The Private Office of Sheikh Saeed bin Ahmed Al Maktoum will not be investing in cryptocurrency but instead will be referring investors to Invao as a method of accessing the crypto market.
Geopolitical Rivalry on the Blockchain?
This announcement comes just weeks after there were rumors Russia was to begin investing in bitcoin. We asked all the way back in May 2018 whether they will diversify with cryptos after Russia kept piling gold, but if Putin has done so, does remain unknown.
What is known is that Iran has been trying to “court” bitcoin. Some mining farms are apparently being set-up there following implicit previous suggestions that the government itself could mine.
Hamas then entered the fray. They too want some bitcoin and managed to receive about $2,500 worth within two days.
The gulf countries so far have stayed away from crypto itself, as far as we know, focusing instead on the blockchain tech in a grand vision to make Dubai one of the most futuristic region.
The tis for tats so far, therefore, have been on launching a centralized national crypto currency or on launching a blockchain project.
But the one-upmanship might be moving to crypto holdings themselves as this new technology enters a very different stage of becoming a geopolitical force.
Correction: The Sheikh’s Private Office will not itself invest in cryptos, but will refer investors to Invao as a method of accessing the crypto market.