Royal Bank of Scotland (RBS) Blockchain Team Leaves to Start Chorum Venture Studio Project

RBS Employees Leave Banking Industry To Set Foot In Blockchain Industry With Chorum

A recent interview with former Royal Bank of Scotland (RBS) employees and Coin Desk revealed that an increasing number of individuals are yearning to take part in the blockchain industry. The project will supposedly serve as a venture studio which has since been dubbed as “Chorum”.

Speaking on this matter is the former head of RBS’ Innovation Team, Richard Crook, who shared that he along with three other engineers are primarily responsible for this project, i.e. Mark Simpson, Ben Wyeth and Farzad Pezeshkpour.

Crook and his team have previous experience within the blockchain sector, as they created the Cordite token on R3’s Corda platform. As for the platform that will be the foundation for Chorum, it has been revealed that Corda will once again be utilized.

When Coin Desk asked Crook his reason for leaving the banking industry, Crook responded by pointing out the opportunities that exist within the blockchain technology, adding that the technology is needed to disrupt diverse industries, including his field of expertise – banking.

As per his quotes:

“RBS has been a tremendous sponsor and employer. However, the blockchain space has outgrown and outpaced the incumbents including RBS.”

As for the intentions behind Chorum, Crook shared that its platform will be mainly used to support blockchain startups – just like that of venture production studio building decentralized apps (DApps), ConsenSys.

It seems like Crook will not be serving as the CEO, instead former CEO of Avanti Communications, David Williams will. Williams provided more details into the specs of Chorum’s flagship protocol, which has been proclaimed as “a blockchain and ecosystem for enterprises called Arqit”. Arqit supposedly has the power to prevent security attacks, making it “quantum-resistant”.

The approach taken in executing the project, as the CEO put it, will hopefully be done on the team’s own. In particular, the team plans to incur the costs either “by [themselves] or as consortiums, and then look at an industry or marketplace and offer that blockchain as a software-as-a-service model.”

A token sale is currently being discussed, with Chorum’s native token to be founded on the Ethereum blockchain (i.e. ERC20 token). The set hard cap has been estimated at USD$30 million, which the team believes is achievable given their established support from crypto-fund, Neo Global Capital (NGC).

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