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Three bitcoin startups were selected for the Barclays Accelerator mentorship program in the London Escalator.
Blocktrace, a provider of blockchain solutions to the insurance firms, Sweden-based digital currency exchange Safello, and bitcoin debit card provider Atlas Card, have joined the Barclays Accelerator mentorship program on Tuesday.
The program, located in the London Escalator, lasts for 90 days and is designed to enable new startups and entrepreneurs to significantly develop and reinforce their businesses.
The program is built on four points, such as seed investment, co-working space, mentoring and a demo day. It “gives FinTech start-ups the unique opportunity to experience the world-class Techstars accelerator model combined with unprecedented access to the Barclays knowledgebase.”
The incubator will be sponsored by Techstars, the globe’s major startup accelerator backed by 75 venture capital firms. Established in 2006, Techstars offers seed funding for companies in exchange for a 7-10% equity stake.
According to the accelerator’s website, the participants of the program “go on to average more than $2.0M raised in outside capital after the program.” Its programs are now realized in Boulder, Boston, Austin, New York City, Chicago, London, Seattle and a specific program is offered in San Antonio in Texas. Additionally, the accelerator worked with such corporations as Microsoft, Nike, Sprint, Kaplan, Mobile and R/GA.
Under the Accelerator program, each accepted startup will be provided with $20,000 in seed funding and will be involved in networking, mentoring and development processes. Besides, the companies will get an opportunity to pitch to investors and venture capitalists after the program during the demo day.
“The selection of Safello, Atlas Card and Blocktrace by Barclays Accelerator, at the very least, signals increased curiosity in the cryptocurrency space,” said Frank Schuill, CEO of Safello.
“That is already a major improvement from when we first started with Safello in 2013. We are moving from dismissal to curiosity. Now it is our job to take it to the next level,” he added.
Opened in 2013, Safello has turned into one of the leading companies in the bitcoin industry in Sweden. The Barclays Accelerator program will definitely help the exchange to boost its competitiveness among the bitcoin companies.
In total, hundreds of startups applied for the program, but only 10 firms were chosen. Derek White, Barclays chief design officer, commented: “Many of the teams enrolling today are exploring technologies that could particularly help transform the ways banks operate so I’m keen to see how their ideas develop.”
While the London-based version of the incubator is closed, the New York-based Accelerator is currently open for new applicants.