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   685

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.

Member of British Parliament Wants to Payl Tax in BTC

MP  comments were made shortly after the Ohio government allowed companies registered in this state to pay bitcoin taxes
11 December 2018   7

Eddie Hughes, a member of the UK Conservative Party, said that the state should make it possible to use Bitcoin when paying taxes and utilities. It is reported by The Daily Express.

Eddie Hughes, who represents North Walsall in parliament, calls himself a "crypto-enthusiast with amateur knowledge." According to him, the blockchain technology attracts a lot of attention, and therefore members of parliament "must understand it."

Eddie Hughes also said that he recently met with representatives of the Royal Society for Water Rescue, which accepts donations in cryptocurrencies, after which he came to the idea of ​​making it possible to use Bitcoin when paying municipal taxes and utilities.

It just feels like it gets talked about a lot, wherever you go in the UK, and as MPs we have a duty to understand it. 
 

Eddie Hughes

MP

Hughes comments were made shortly after the Ohio government allowed companies registered in this state to pay bitcoin taxes, which he also reminded in his interview within the publication.