Rabobank, the Netherlands-based financial institution which provides investment banking services including institutional foreign exchange and related asset classes to international clients, today announced a synergy with Nexuslab – part of Nexussquared based in Zurich – for its blockchain startup program which was launched yesterday, in collaboration with Startupbootcamp FinTech.
Rabobank is looking at blockchain technology as applicable for four fields, namely, international payments, micropayments via the Internet of Things (IoT), conditional payments, and smart contracts. It will leverage these as part of the new synergy, according to the bank’s press release.
Innovation via synergies
Nexuslab announced the ten startup firms selected from within Europe for its Amsterdam initiative, supported by Startupbootcamp FinTech, and this news follows just days after Finance Magnates wrote about the Startupbootcamp FinTech’s New York operation that had similar news about a blockchain-focused developer that will support a cohort of competing startups in the US.
The news today from Rabobank shows support from a major European bank for the Swiss-based blockchain technology provider as financial institutions continue to outsource innovation and help foster it via synergies.
In addition, fintech incubators and accelerators continue to attract support from venture capital and financial institutions, as a means to connect technology developers with product and funding resources as startups become ready for commercialization of their business ideas and products.
Payments technology in focus
The partnership with Nexuslab will allow Rabobank to collaborate with the company on blockchain related projects, based on the bank’s aforementioned areas of interest, and as a growing number of fintech initiatives continue to consist of the use of blockchain and distributed ledger technologies.
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The ten firms that kicked-off Nexuslab’s Amsterdam cohort include ProofOfYou – which provides an Ethereum-based platform, Taqanu Bank – which provides basic blockchain-based banking services, bitcoin micropayments provider Paymeabit, Estonia-based First Wallet which provides a unique mobile wallet solution, Zeptagram – which is aiming to make music into a tradeable financial instrument, and mobile wallet payments technology developer Wone, in addition to the remaining startups focused in other industries.
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Swiss blockchain support for Europe
Harrie Vollaard, Head of Innovation at Rabobank, commented in the press release (translated from Dutch to English via Google): “Rabobank is experimenting for some time with blockchain technology. We currently are spearheading four block chain fields: international payments, micro-payments via the Internet of Things, conditional payments and smart contracts. By partnering with Nexuslab we can deepen our understanding of this technology. In addition, it offers us the opportunity to work directly with promising blockchain startups and connect it to our own projects. This combination accelerates the realization of our priorities.”
Grass Daniel Singer, director Nexuslab, added in the press release (translated from Dutch to English via Google): “We are pleased that Rabobank has become our partner in our startup program. The involvement of a major bank shows that Switzerland can play a central role in the development of the European block chain ecosystem. Together with Rabobank, Startupbootcamp and our IT partner SwissQ we are launching a program where European block chain startups can transform their ideas into viable businesses.”
Including the application process, the Nexuslab program for the ten firms – in collaboration with Startupbootcamp FinTech – runs April 1st through July, over a 15 week period and including the phases shown in the excerpt below from Nexussquared’s website.