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   785

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.

Santander to Deny XRP Token Usage Info

It turned out that bank uses xCurrent in One Pay FX instead of XRP token for international payments, as it stated earlier
25 March 2019   71

Santander, a large Spanish bank, in its Twitter spread incorrect information about cooperation with Ripple.

And although the majority of cryptocurrency holders reacted positively to the statement of Santander, some of them drew attention to the fact that this news had no effect on the growth of XRP trading volume.

It soon became clear that the bank provided incorrect information.

xCurrent allows Ripple customers to make payments using Fiat as well as digital currencies. A similar product, the operations in which are carried out using XRP cryptocurrency, is called xRapid.

Despite the official apology, some commentators suspected the bank of manipulating the market.