One of the Middle East’s oldest blockchain investment companies has announced it is to move its headquarters from Dubai to Canada, prompted by Toronto’s rapidly growing status as a tech hub.
IBC Group, which has more than 700 employees worldwide and investments in thousands of blockchain projects, will make the move after being based in Dubai for seven years.
The move comes as tens of thousands of immigrant tech workers have flocked to Toronto in the past few years, making it the fastest-growing tech hub in North America.
According to a recent study, 25 percent of Canada’s workforce is made up of immigrants. And in the tech space, that number is an even higher 40 percent, or 350,000 workers.
Khurram Shroff, chairman of the IBC Group, said: “We believe this move best positions us for growth, as well as providing our personnel with more flexibility about where and how they work.”
IBC Group’s investment in the POS Blockchain was instrumental in the Ethereum 2.0 beacon chain reaching the required threshold, for its launch in December. Ethereum is the world’s second-largest Blockchain, with a market cap of over $200 billion.
The company also made headlines with a 100,000 Bitcoin pledge, which aims to set up the Miami 2.0 Blockchain Strategy.
Khurram Shroff, chairman of the IBC Group.
Despite the decision to move its corporate headquarters to Toronto, the IBC Group said it will retain its presence in Dubai.
“We will continue to support major hubs for the IBC Group around the world, including those in Dubai, Kiev, London, Lisbon, and Nairobi among others. We also expect to add other locations over time,” Khurram added.
Shroff, whose IBC Group has invested in over 4,000 different blockchain projects, has been an ardent champion of blockchain.
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