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Kevin O’Leary Launches Web3 Fund And becomes UAE Citizen

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.

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