UK Government to Invest $26.6 mln in Blockchain

Organisations can apply for a share of £19 million for innovative projects or £12 million for business-graduate partnerships in either industry sector area
24 January 2018   2264

The United Kingdom’s technology development arm, Innovate UK, announced on Monday it has up to £19 million ($26.6 million) to invest in innovative ideas for new products, processes and services in the fields of emerging and enabling technologies and health and life sciences, including blockchain technology.

Participants have to submit their proposal until March 28, 2018, and project must meet the specific competition scope. The projects’ scopes must cost at least £35,000 and last at least for three months, but can go on to three years with a cost of £2 million, according to the announcement. One more part of the eligibility criteria is that businesses should be able to raise up to 70% of their costs on their own.

The agency will also offer a further £12 million ($16.8 million) for businesses trying to recruit graduates to help develop their project.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   67

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.