Euklid, one of Italy’s hottest early-stage FinTech startups, completes a first round of seed funding with a valuation of €10 million for a stake of 3-4% in the company.
Founded in 2015 in Milan, Euklid now plans to move its headquarters to London. Despite being an Italian startup, the team selected London’s Level39 as their new center of operations to implement their international strategies.
Antonio Simeone, co-founder and CEO of Euklid stated: “London offers the ideal ecosystem. Here we can meet the needs of new investors and rely on an innovative and efficient financial industry also thanks to a lighter regulatory environment”.
Euklid was founded with the mission of discovering and exploiting the potentials involved in applying Artificial Intelligence to Bitcoin and the Blockchain. Euklid’s team has been working on such technologies for several years – since the very early days of Bitcoin – in order to develop a technology that is able to predict the fluctuations of the crypto-currency.
This mix could have the potential of transforming the finance world, by offering new standards of transparency and fairness yet still providing good economic returns. So far, Euklid achieved a return of over 130% on their investments on crypto-assets all thanks to the algo-trading systems driven by AI.
Simeone explained: “At Euklid humans are mere observers, and investors are guaranteed a high level of transparency. Every single operation of our trading activity is registered in the Blockchain.”
Currently, Euklid’s customers can only invest on cryptoassets. The algotraders are linked to APIs from Bitfinex and Kraken, Ethereum and other digital currencies.
The recently raised funds will allow Euklid to establish a subsidiary in the UK and a RAIF fund in Luxembourg. These are important steps towards the realization of what Simeone believes will be “The Bank of tomorrow”.
Euklid’s goal is to bring to life a completely autonomous and transparent investment bank run by Artificial Intelligence and that does not charge clients management or entry fees of any kind. This new platform will enable customers to invest their savings on a portfolio of around 100 assets among the most liquid and stable available on financial markets.
In this phase, Euklid also plans to partner with Bankable, a member as well of the London-based FinTech accelerator Level39. Thanks to these partnership clients will benefit from traditional banking services as well, such as having at their disposal a checking account, debit cards for payments, or the possibility of executing wire transfers.
In summary a full banking experience, but remarkably different from the status quo. The AI substitutes the role of humans with regards to the decision making process and customers can finally take control of their personal finance thanks to the transparency offered by the blockchain. Sounds interesting, huh?! We’ll keep you updated.
