According to Shark Tank, Kevin O’Leary intends to introduce Cipher, an investment fund that focuses on Web 3.0.
The Canadian businessman claimed that he recently naturalized as a citizen of the United Arab Emirates so that he could “work freely” in a nation that has drawn investment from some of the biggest names in the cryptocurrency industry, including exchanges FTX, Binance, and Crypto.com.
As a spokesperson for cryptocurrency exchange FTX and an investor in financial technology firm Circle, the creator of the USDC stablecoin and the organization behind the Converge22 conference, O’Leary is a vocal supporter of Web3 technology.
Since the $40 billion collapse of the Terra-LUNA token and stablecoin in May, which compelled regulators worldwide to concentrate on drafting regulations for the emerging industry, the market for cryptocurrencies has been in a prolonged slump.
The fact that the remaining players are still operating has strengthened them, according to O’Leary. They have the ability to raise money.