We have successfully completed the sale of our established blockchain technology and online currency platform, Cryptech. The landmark sale results in large benefits for the institutional and private clients involved in our firm’s blockchain VC arm.
Berkeley Assets were approached with the offer, and the deal has been signed off and is expected to be finalised by the end of 2019. The buyer is a syndicate of VC firms, which we will announce in 2020. We have reaped substantial gains, as the sale has come at the perfect time with the company moving towards various new business ventures.
We initially acquired Cryptech World, at a time when cryptocurrencies were only in their trial stages. While taking a risk in venturing into the innovative currency, over the years the Cryptech arm has performed well. It was Omar Jackson, Berkeley Assets Partner and Director of Cryptech, who was the driving force for acquiring Cryptech. He comments on the progress of the company leading to the sale:
“It’s a true success story for our clients involved. Through unrelenting due diligence, we were able to select and foster new to market concepts in a frontier technology, which has not only benefitted our investors, but also the blockchain companies that were seed funded. This has been a true testament to our hands-on management style to guide embryonic businesses through the challenges that face technology start-ups, in an ever more competitive industry.”