Billionaire Said Gutseriev Sells Shares In Crypto Projects
Said Gutseriev has rarely missed the headlines for his investment ventures. As it has become known, the businessman recently sold off his shares in three projects, including crypto: Gutseriev walking away from Capital.com, Currency.com, and Zubr.io.
The first two projects were joint ventures with European tech entrepreneur and the founder of VP Capital, Viktor Prokopenya. Prokopenya bought Gutseriev’s shares Capital and Currency, whereas Zubr.io was acquired by FTX.
Transaction Amounts Were Not Disclosed
Neither party revealed the exact transaction amount. But this moment can be considered ideal for such deals. The cryptocurrency industry reached its peak in the spring of 2021 (valued at a record high of $2.5 trillion). Bitcoin, the flagship cryptocurrency token that put this all in motion, stood at $60,000 a coin.
Gutseriev’s years-long investments were ripe for execution.
But how did he get here in the first place?
A Short History of Gutseriev’s Investment Venture Into the Crypto Market
Said Gutseriev founded venture capital firm Larnabel Ventures in 2016, aiming to capitalize on the growing tech industry. Starting in July 2017, he began heavily investing in blockchain and crypto projects.
He invested $12.5 million in Capital.com, as well as Prokopenya, as an AI-based investment platform allowing pretty much anyone to engage in financial trading on various markets. Next year, Gutseriev took an initiative of his own by launching Zubr.io, a cryptocurrency derivatives exchange, with a $4 million investment.
A year later (in 2019), Gutseriev made an investment of $10 million in Currency.com, a crypto trading platform powered by the technological backing of VP Capital. This firm has legal entities in Great Britain, Gibraltar, and Belarus.
Fast forward to 2020, Said Gutseriev began negotiating the sales of his stakes in these entities.
VP Capital bought out Said Gutseriev’s shares for his investment, and despite the fact that the deal started its preparation back in 2020, it culminated in 2021 for an undisclosed amount. Since many legal regulations were involved, the paperwork took almost a year to pass through the scrutiny of the UK Financial Conduct Authority, Gibraltar Financial Services Commission, and the Cyprus Securities and Exchange Commission.
As these transactions indicate, Viktor Prokopenya and Said Gutseriev has no longer any cooperative projects between Larnabel Ventures and VP Capital.
While VP Capital acquired Larnabel Ventures’ shares in Capital and Currency, FTX acquired Zubr.io.
What Does the Future Hold?
Larnabel Ventures has clarified that Gutseriev maintains a steady confidence in the crypto market. With a small investment, Gutseriev received an impressive profit, which shows good investment potential in crypto and finance in general.
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