Barclays to Create Venture Unit to Invest in Blockchain

Barclays UK Ventures is going to invest in start-ups with high potential returns, enter commercial agreements and, in the long term, open its own startups
16 April 2018   879

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.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   174

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.