George Osborne’s enterprise capital agency is sitting on features of three,000pc following a wager on an obscure cryptocurrency that has surged to a $16bn (£11bn) valuation in a bit over a fortnight.
The Silicon Valley fund 9Yards Capital is known to have invested in digital forex Web Laptop, referred to as ICP, which was launched by the non-profit group Dfinity a fortnight in the past.
9Yards was based by George’s brother Theo and counts the previous Chancellor as a strategic adviser.
It backed Dfinity in 2018. Fairly than taking fairness, Dfinity buyers have been awarded tokens in its digital coin ICP.
Early backers who invested $97m in 2018 at present maintain 23.2m cash in complete, in keeping with analysts Messari.
In its 2018 financing, these cash have been valued at $4. The digital coin launched on cryptocurrency exchanges final week in some of the spectacular debuts of a cryptocurrency up to now.
Its worth surged as excessive as $620 per coin, earlier than falling again. One ICP token is now price greater than $125.