Former HSBC, Citigroup, Merrill Lynch Execs Start $50M Crypto Fund
Liquibit Capital is also said to be managed by a former Barclays Capital vice president and two current JPMorgan and Wells Fargo technicians.
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Bitcoin startup Blockchain has added a former banking chairman and a former Facebook executive to its team of advisors. The announcements were issued on Blockchain's blog over the past two days, with former chairman for Merrill Lynch Europe, Middle East and Africa Bob Wigley, revealing his role in a post today. The news followed a separate post in which Salil Pitroda, who previously worked for Facebook as a corporate development executive, disclosed he has been working with Blockchain as an advisor for the past year. In a separate article published in The Financial Times, Wigley detailed....
HSBC and its partner, Bank of America’s Merrill Lynch, recently published a proof of concept to demonstrate how Blockchain-powered contracts can be used to replace paper letters of credit which are commonly used in international trade. R3 Consortium, on the other hand, completed two prototypes which demonstrate how distributed ledger technology can address the key challenges facing the USD 45 billion global trade finance industry. However, in separate interviews, when officials of both institutions spoke about the Blockchain technology, the key concept which permeated their conversations....
Bob Wigley, the former chairman of Merrill Lynch Europe, Middle East and Africa, has confirmed joining Blockchain, a UK-based Bitcoin wallet company, as an advisor. In a journal published on the Blockchain's blog, the financial veteran admitted being drawn towards Bitcoin from a very long time. He further recognized the digital currency technology as something that actually defines the true meaning of FinTech, and stated: "FinTech means using the internet and constantly developing internet access devices, combined with their now pervasive penetration amongst consumers, to create more....
It wasn’t but a couple of years ago when the world’s largest banks and corporations were busy dismissing and openly mocking Bitcoin and anything associated with it. Now, the world’s largest corporations can’t get enough of its technology and now refuse to be left to their own patchwork of systems that Bitcoin has now made obsolete. On Tuesday, Microsoft and Bank of America/Merrill Lynch announced a new landmark partnership to use Bitcoin’s Blockchain technology to improve financial transactions between consumers, business, and the banking industry. The announcement was made at the annual....
Mega bank HSBC has reportedly decided to cut ties with a hedge fund that's planning to bring the first regulated bitcoin investment fund over concerns of money laundering, BBC reported Monday. Mr. Daniel Masters of Global Advisors (the hedge fund in question) has said that this situation threatens plans to make the Island of Jersey (where the fund is based) a place where cryptocurrency businesses can flourish, adding that HSBC's decision in the matter is a "step in the wrong direction for Jersey." The fund is called the Global Advisors Bitcoin Investment Fund, or GABI. Meanwhile, HSBC told....