In a further post-Brexit boost to the UK's fintech sector, a New York-based blockchain consortium is to open a London office.
Although the amount of investment in the UK's tech sector so far this year is behind the total for 2015, the $200m of venture capital funding that has been invested since the Brexit vote has been a welcome boost amid an uncertain future for fintech firms and investors.
Agentic formed in 2015 and is a membership-driven consortium with over 35 companies involved. It offers advice and development services to firms looking to explore blockchain-based opportunities. Agentic UK is the second European office to be established by the consortium following the establishment of Agentic France, based in Paris.
Agentic UK will be headed by Lucas Cervigni, a long-time fintech entrepreneur. According to Cervigni, the recent Brexit vote and ensuing uncertainty was a key reason for opening a UK office.
"There is no doubt the number of debates on blockchain technology and digital currencies is increasing and will continue to do so, despite the Brexit vote,” Cervigni said. “It is our aim to enhance these conversations with insight into the world-changing opportunities these technologies offer from pioneers in the space.
“Representation in the UK is key for many reasons. Currently the fifth largest economy in the world, Britain boasts a strong history of excellence in the financial services sector.
"Outside of New York City, London has for decades been considered a financial hub where not just multi-national financial institutions are located but innovative financial technology startups choose to settle and grow.”
London's fintech sector has also been cheered by news that Russian billionaire Yuri Milner, an early backer of both Facebook and Twitter, is planning to bring a new venture capital firm to London.