Categories: FinanceNews

Blockchain Expert Leaves Barclays for FinTech-Focused VC Fund

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.

Taylor explains:

“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.”

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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.

 

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Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

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