Swiss fintech Lykke launches blockchain initiative with 'Crypto Dad'

Swiss fintech Lykke launches blockchain initiative with ‘Crypto Dad’

Written by Ruby Hinchliffe
19th May 2020

Lykke, a Swiss fintech which builds marketplaces for digital assets, has launched ‘The Open Initiative’ – a project looking at potential uses of blockchain to help governments digitise the supply chain post-coronavirus.

Former Chairman of the US Commodity Futures Trading Commission (CFTC) Chris Giancarlo, otherwise known as ‘Crypto Dad’ for his advocacy of cryptocurrency, has joined the initiative as a strategic advisor.

“We have no choice, we have to leverage the tech that’s there, we cannot afford to ignore it,” says Lykke’s CEO Richard Olsen

“All of our markets are about to go through a massive transformation,” Giancarlo tells FinTech Futures. “And nowhere will we see the transformation more than in the supply chain and scientific process and currencies.”

Giancarlo says a big reason why he joined The Open Initiative was because of its borderless and global approach. So far, Giancarlo has only worked on US-focused ventures, most recently including the US digital dollar project in partnership with Accenture.

The initiative has four points of interest for proposals, which include a digital voucher platform to unlock the financial resources pledged by governments, a supply chain platform, a global data aggregator, and various research initiatives to plug some of the knowledge gaps laid bare by the current crisis.

“We have no choice, we have to leverage the tech that’s there, we cannot afford to ignore it,” says Lykke’s CEO Richard Olsen.

“New technologies will accelerate the recovery of society in the aftermath of the COVID-19 pandemic, and the blockchain offers feasible solutions for necessary government and private sector initiatives,” Olsen adds.

The initiative will provide a minimum of CHF 50,000 ($51,300) for each selected proposal by individuals, teams or companies.

The process for submitting proposals will be open until 3 July 2020. Selected entries will be evaluated by a jury of “government and industry leaders” according to the fintech, and winners will be considered for future initiatives eligible for additional funding.