Ex-CFTC Chair Chris Giancarlo Joins Swiss Effort to Fund COVID-19 Relief Projects

Led by Swiss crypto exchange Lykke, a $200,000 initiative to fund tech-driven COVID-19 relief projects has tapped ex-CFTC chair Chris Giancarlo as its advisor.

AccessTimeIconMay 19, 2020 at 12:00 p.m. UTC
Updated Sep 14, 2021 at 8:43 a.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

The Swiss crypto exchange leading a $200,000 effort to support tech-driven solutions to the coronavirus-led economic crisis has snagged a high-profile adviser: former U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo.

The Lykke-led Open Initiative will give four grants of 50,000 Swiss francs ($51,300) to projects in four areas: a digital vouchers platform for small businesses to receive government funding; a supply chain platform; a real-time economic information system; and a research initiative geared toward crisis management.

“Seeing the pandemic I realized that governments were taking reactive measurements and I soon realized there was a big gap to be filled by doing proactive measures,” said Lykke CEO Richard Olsen. 

For example, the voucher platform might solve issues around government loans to small and medium-sized enterprises (SMEs), Olsen said. Many governments have difficulty tracking the uptake and progress of such programs, and smaller governments have issues distributing loans in the first place.  

Most of Giancarlo’s advisory work, including his creation of the Digital Dollar Foundation, has been U.S.-centric. With the Open Initiative, the ex-CFTC chair wanted to participate in something “very cross-border and very international,” he said.

While blockchain-related technologies are preferred, Lykke hasn’t set any rules as to what kind of technologies applicants propose. Lykke is currently assembling a team of international experts who will serve as a jury to judge each proposal, Olsen added.

“These projects will help the official sector better understand how financial markets are changing marketplaces, changing delivery systems and changing modern life,” Giancarlo said in an interview. “It will also help regulators do better at jobs that have been set out for them by national legislatures and international bodies.”


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.