Barclays Launches Venture Capital Unit To Invest in Smart Contracts and Blockchain Tech

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He said the new venture unit has a “relatively unfettered mandate,” according to the Financial Times, but wouldn’t reveal the amounts involved. This makes the British bank one of the first in the world to announce a venture capital arm specifically focused on blockchain technology and smart contracts. One of the biggest bank in the world has launched a Venture Capital (VC) unit with a focus on investing in blockchain technology, smart contracts and artificial intelligence. BarclaysUK still have a complete embargo on any businesses associated with cryptocurrency.” Banks consider crypto businesses to be highly risky and some of them have an implicit blanket ban, a move that some have called anti-competitive. However, the overall relationship between banks and crypto businesses apparently hasn’t fully changed with one such business stating: “The Barclays/Coinbase deal didn’t change anything due to how difficult it was to arrange with UK regulators.

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One of the biggest bank in the world has launched a Venture Capital (VC) unit with a focus on investing in blockchain technology, smart contracts and artificial intelligence.

Ben Davey, formerly the head of strategy, is to lead Barclays UK Ventures (BUKV) who said they were to focus on “truly transformational new business lines” with the aim of “material contribution” to the bank’s bottom lines.

He said the new venture unit has a “relatively unfettered mandate,” according to the Financial Times, but wouldn’t reveal the amounts involved.

Davey however says they are “very comfortable” with the allocated capital towards investing in startups focused on this space.

“We are a growth business,” Ashok Vaswani, Barclays UK chief executive, said before further adding the new unit provides “new lines of revenue growth in addition to the organic growth of our core...

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