One of the world's largest banks has created a venture unit focused on blockchain technology, smart contracts and artificial intelligence, Financial Times reports.
Ben Dewey, former head of strategy for the bank, will head Barclays UK Ventures (BUKV), a division that will focus on "truly transformational new lines of business" with a view to making "material contributions" to the structure of the organization.
According to him, the new organization has a "relatively unlimited power", and he himself feels "very predisposed" to investing in start-ups working in this space.
"We represent the growth firm," said Ashok Vasani, the head of Barclays UK, adding that the new unit is opening "new lines to increase revenues in addition to the organic growth of our core business."
In addition to investing in start-ups with high potential returns, BUKV intends to enter commercial agreements and, in the long term, open its own start-ups.
Thus, Barclays is becoming one of the first organizations of this level to create venture units to work with the blockchain space.