The Italian AI-focused blockchain startup Euklid has decided to relocate its headquarters to the fintech hub Level39 in one of London’s financial districts, Canary Wharf, to implement their new expansive business strategy.
Euklid was founded in 2015 in Rome, Italy by CEO Antonio Simeone, CTO Francesco Di Leva, lead programmer Mario Giancola and algorithmic trader Franco Grassi with the aim of creating a transparent and secure way for investors to invest in cryptocurrencies and crypto-assets by leveraging blockchain technology and applying AI-based algorithmic trading to the cryptocurrency markets.
However, Euklid’s mission has since evolved. A recent seed funding round, during which Euklid managed to secure a €375,000 to €400,000 investment from two unnamed investors in exchange for 3 to 4 percent of the company, has enabled Euklid to establish a NewCo in the United Kingdom and set up a Reserved Alternative Investment Fund in Luxembourg in an effort to build “the bank of tomorrow,” according to Euklid CEO Simeone.
Euklid’s aim is to build a fully transparent investment bank that is completely autonomous and run by artificial intelligence. The idea is that the bank will not charge clients any entry fees or management fees while allowing its clients to invest in a portfolio composed of a wide range of traditional and digital assets, which is managed by AI-driven algorithms. Working on this for years, the startup has manged to achieve returns in excess of 130 percent on investment in crypto-assets, whereby the algotraders are linked to APIs from Bitfinex and Kraken, Ethereum and other digital currencies.
Furthermore, Euklid is teaming up with another member of fintech accelerator Level39, the Banking-as-a-Service startup Bankable. The partnership with Bankable will allow Euklid customers to also benefit from conventional banking services, such as checking accounts, debit cards and bank transfers, alongside the investment opportunity offered by Euklid investment service.
Euklid wants to create a banking experience that is entirely different to its current state. The idea is that artificial intelligence technology will replace humans in the decision-making process and customers will receive full transparency of transactions and investment decisions due to the use of blockchain technology.
To realize their ambitious goals, Euklid’s management team has decided that relocating its headquarters to the fintech hub London would be the best choice. CEO Simeone believes that “London offers the ideal ecosystem” for Euklid to expand and that London is the best place to “ […] meet the needs of new investors and rely on an innovative and efficient financial industry also thanks to a lighter regulatory environment.”