Said Gutseriev and Prokopenya Part Ways: Milestone Achieved with Successful Crypto Shares Sale
Entrepreneur Viktor Prokopenya’s VP Capital and billionaire Said Gutseriev’s Larnabel Ventures have made strategic acquisitions and investments, reshaping the financial technology industry.
VP Capital, owned by Prokopenya, has acquired Larnabel Ventures’ shares in Currency.com and Capital.com, while Gutseriev, founder of Larnabel Ventures, has sold his shares in Zubr.io to the renowned FTX exchange. These strategic moves mark the end of the business connections between Gutseriev and Prokopenya, reshaping the fintech landscape.
Larnabel Ventures, previously focused on retail, real estate, and oil and gas sectors, made its foray into the technology sector in 2016. Over the next three years, Gutseriev invested over $30 million in fintech, AI, and blockchain projects. The value of these investments soared as the projects gained international recognition, leading Gutseriev to exit them completely.
VP Capital Completes Buyout of Shares in https://t.co/ITkqYFLPQb and https://t.co/5r4zbHOcCD from Larnabel Ventures | Markets Insider https://t.co/xEdt0SdFND
— John Lothian (@JohnLothian) August 18, 2021
One of Larnabel Ventures’ notable investments was in Capital.com, a fintech company founded by Prokopenya. Capital.com aimed to democratize access to financial markets and was an early adopter of ESMA guidelines. Their AI-powered platform helped users rectify mistakes, reducing losses by over 80%. Larnabel Ventures, along with VP Capital, invested $25 million in Capital.com, securing the domain with an additional $1.5 million.
Capital.com played a pivotal role in developing Currency.com, a revolutionary tokenized asset cryptocurrency exchange launched in 2019. With full regulation and innovative features, Currency.com simplified investments in tokens backed by real assets. Users gained access to a wide range of tokenized exchange-traded assets, without intermediaries. VP Capital and Larnabel Ventures invested $10 million in Currency.com, cementing its position in the market.
After almost a year of acquisition and regulatory approval processes, it was announced in May 2021 that Said Gutseriev had exited from both Capital.com and Currency.com. This marked the end of joint projects between Larnabel Ventures and VP Capital, as both investors embarked on separate paths, continuing their pursuit of innovation and growth in the fintech industry.
Gutseriev’s Zubr.io, an ambitious cryptocurrency exchange founded in 2018, also experienced significant developments. With Larnabel Ventures’ $4 million investment, Zubr.io caught the attention of international exchange FTX. In early 2021, Gutseriev strategically sold Zubr.io to FTX for $11 million. FTX integrated the Zubr.io team to comply with the DLT provider license and expressed their commitment to building a strong relationship with the Gibraltar Financial Services Commission (GFSC).
The dynamic ventures of VP Capital, Larnabel Ventures, and Zubr.io have left an indelible mark on the fintech sector. These strategic investments and acquisitions have propelled the growth of innovative platforms, revolutionizing access to financial markets and advancing the adoption of blockchain technology. As the industry continues to evolve, the visionary actions of these entrepreneurs will continue to shape the future of finance.
