Barclays executive Simon Taylor will be leaving his position at the bank to join 11:FS, a new FinTech-focused venture capital fund, as a co-founder.
According to a Business Insider report, Taylor served as a VP of Entrepreneurial Partnerships at Barclays for the past three years, where he lead the bank’s R&D efforts into the applications of blockchains in the financial industry.
Taylor will be leaving Barclays for the 11:FS venture fund on June 24. He will be joining David Brear, co-founder of mobile banking startup Mondo, and Chris Skinner, who was appointed CEO of the fund, in April. Two months ago, 11:FS received a $5 million infusion of capital from Singapore-based venture capital fund Life.SREDA, and 11:FS is looking to raise $50 million by the end of this year. By the end of 2017, the fund is hoping to draw in a total of $100 million in capital invested.
The 11:FS fund’s main objectives are to provide an avenue for mid-sized financial institution – which may not have access to FinTech experts – to gain exposure to the rapidly-growing global blockchain industry. Taylor, whose three-year-stint at Barclays has given him a wealth knowledge and experience in the applications of the technology in the financial sector, will be advising 11:FS on their capital allocations, as well as educating smaller financial firms on the technology.
“There’s a lot of ships in the fog. We want to help you separate this stuff, we’re going to be the good shepherds.”
As far as Taylor is concerned, blockchains have the potential to improve many aspects of the financial industry; settlement times in securities transactions; digital & hard asset ownership tracking; trade finance.
While Barclays has confirmed Taylor’s departure to Business Insider, the bank has refused to provide any comment on the matter.
Image credit: 1
Apple users can now download the app of The Merkle in the App Store!
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
WAX price is up over 44% today, making it the biggest gainer on Crypto.com. With…
Metaverse coins are all the hype these days, with coins like Decentraland and Axie Infinity…
Ankr price is up over 11% today, making it one of the biggest gainers on…
Keep Network price is up over 45% today, making it the biggest gainer on Crypto.com.…
NuGenesis has 4 patents pending for its gasless NFT multi-cross chain system. It sees NFTs…