Cryptocurrency giant Coinbase has announced the launch of a new crypto and AI accelerator in the UK, even as some firms scale back their presence in the country.
The initiative, set to be unveiled at the Global Fintech Forum on Monday, will be delivered in partnership with UK venture studio Founders Factory, alongside crypto investors Animoca Brands and Fabric Ventures.
The programme will run for 16 weeks and support founders building in the blockchain and AI sectors. The event is being overseen by the UK government’s Department for Business and Trade.
Keith Grose, Coinbase’s UK CEO, told Sifted exclusively: “The UK government is genuinely enthusiastic about advancing crypto regulation and driving growth in the economy through the digital asset sector.”
Founders Factory will assist selected startups with business strategy, product development, and securing investment, while Coinbase, Fabric, and Animoca will offer their web3 expertise, including guidance on tokenisation strategies — a popular move for many blockchain startups.
Approximately eight startups will be selected for the inaugural cohort, each receiving £250,000 in funding in exchange for an estimated 5% equity stake.
The programme will conclude with a demo day where founders will present their ventures to prospective investors.
Damian Routley, Chief Operating Officer at Founders Factory, explained that applicants must either be planning to launch a token or have an existing tokenised business model.
“We are seeking founders who are creating real-value, trusted applications that can drive broader adoption across consumer and enterprise markets,” he said.
Applications for the accelerator are expected to open in June, with the first cohort commencing in September.
The launch comes at a challenging time for the UK crypto scene. Industry insiders have expressed concerns that the country has fallen behind in its ambitions to become a global crypto hub.
Former city minister Tulip Siddiq was reported to have cancelled multiple meetings with crypto firms, while leading VC firm Andreessen Horowitz closed its London office earlier this year, refocusing on the US following Donald Trump’s re-election.
However, Jonathan Reynolds, the UK Secretary of State for Business and Trade, welcomed the announcement, calling it “a strong vote of confidence in the UK’s tech sector” and highlighting its potential to keep Britain at the forefront of blockchain innovation.
Both Coinbase’s Grose and Founders Factory’s Routley remain optimistic about the UK’s crypto future, citing ongoing consultations by financial regulators as a positive step.
“Financial services and fintech have always been at the heart of the UK economy,” Grose said. “Crypto and blockchain are a natural extension of that legacy.”
