Analysts have long decried the European Union’s lack of homegrown tech giants, pointing to the gulf between the bloc and counterparts like the United States and China. However, the EU now appears to be making moves to up its investments in innovative technologies. The European Investment Fund (EIF), the EU agency responsible for SME financing, has recently backed a new digital assets and blockchain fund.
Fabric Ventures, a venture capital fund based in Luxembourg that invests in digital assets, tokenization projects and other blockchain applications, has secured $30 million from the EIF out of a total of $120 million for its 2021 fund.