Ten UK blockchain start-ups to witness in 2017
By Alara Basul | five April two thousand seventeen
Despite qualms over Brexit, the UK still remains the financial hub of Europe and a popular choice of jurisdiction for blockchain-based companies. When it comes to regulating businesses that work on a distributed ledger platform, the UK is ahead of many different jurisdictions, as transferring or legal processing of a bitcoin is not regulated by a PSP. The regulation under a single ledger which tracks the recording means that several countries do not have a legal infrastructure in place to accept the growth of blockchain companies.
If you're wondering what blockchain is, we recently broke this quesion down to the basics to give readers a utter rundown of technology. Today we’re bringing you ten UK blockchain start-ups to see in 2017.
Total equity funding to data: $500k
Electron is a UK-based start-up that works to prove how blockchain technology can be applied in various different markets and industries. The company aims to help UK households cut their energy usage by using blockchain technology. The tech is a useful and secure technology for recording data and securely recording all meter readings with cryptography to ensure it can’t be tampered with. With millions of homes in the UK now fitted with clever meters, it proves to be an advantageous industry for the start-up to progress in.
It was also recently reported that former Npower boss, Paul Massara, has joined a team of twelve as director, alongside Paul Ellis who leads the business as CEO and Jo-Jo Hubbard as COO.
Total equity funding to data: $550k
Credits is a UK-based embark up that concentrates on creating blockchain for identity. The company creates building blocks of sturdy blockchain that address the challenges of establishing identity and authentication in many industries.
Credits is based on a cryptographically secure distributed ledger platform which ensures financial services to automate and speed up the process of assets whilst also checking data and reducing risk.
Total equity funding to data: $53k
BlockVerify believes in the power of blockchain technology to improve anti-counterfeit measures in several different industries which have significant social influence. The company works across a multitude of markets including pharmaceuticals, luxury items and electronics, and works to ensure that products in each of the industries are successfully tracked in the manufacturing process. The company then ensures that all equipment is original and verifies quality goods by checking the 'blocks' embedded in each product. To ensure product authenticity the company uses a multitude of verification processes.
Speaking at the London Blockchain Expo in London, Pavlo Tanasyuk, Founder and CEO of BlockVerify said in reference to customer practices with the implementation of blockchain: “There will be no intermediary. Users do not need to sing up with anything, and we define the terms and conditions ourselves. Its opening up a fresh universe of being direct.”
Total equity funding to data: $Four.72m
Coinsilium is a London-based blockchain and investment company that concentrates on the implementation of blockchain products and services. The company works to manage the development of early stage blockchain technology companies as well as accelerate finances for each product and business.
Total equity funding to data: $39m
SETL was founded in two thousand fifteen to deploy a multi-asset and multi-currency payments and settlements infrastructure based on blockchain technology. The company works to enable market participants to stir cash and assets directly inbetween each other, and permit direct and instant market transactions.
The infrastructure used by SETL uses a fully secure distributed ledger platform which is permissioned and records transactions, simplfying the process of providing settlements and transaction reporting.
Total equity funding to data: Undisclosed
Queueco Limited operates an automated trading platform that permits international trade to occur on currency exchanges. The main feature of the blockchain start-up concentrates on trading with digital currencies.
Total equity funding to data: $12.4m
Bitstamp is an online bitcoin marketplace that permits individuals from all over the world to securely buy and sell bitcoins. The start-up very first emerged in the market in 2011, and have head offices based in London, as well as Luxembourg and California.
As of 2016, the start-up was one of the world’s 2nd largest by volume. It permits trading inbetween US dollars and bitcoin cryptocurrency, as well as several other currencies and Ripple deposits and withdrawals. The company was originally founded in Slovenia, but later moved its registration to the UK. As bitcoin is not classed as a currency, the exchanges made with Bitstamp are not subject to regulation, however, the company regulates itself to ensure authenticity and detect any cases of money laundering.
Total equity funding to data: $620k
BSAVE is a unique service that permits users to profit from a dormant bitcoin. The UK based start-up permits individuals to create an account, transfer bitcoins into the account and then earn interest as you would with a normal UK savings account. Users with accounts are ensured total liquidity, and can withdraw their funds at any time without any penalties. The unique standpoint that makes BSAVE different to others on the market is how the company uses algorithms to calculate payments and interest rates based on a users deposit wihich then permits the money to be profitable.
Total equity funding to data: $136m
While Circle is a relatively well known company in the UK, the business has ventured out globally to provide effortless digital payments using digital platforms. Circle use open internet standards including blockchain technology, which permits users to use their platform for free, to send and receive payments internationally. The company aims to create even quicker and more secure payments around the world the same way that users share music and texts on their digital platforms.
Total equity funding to data: 200k
Cashaa is a UK based peer-to-peer marketplace that is powered by blockchain technology. The company ensures users are faced with no transfer fees when sending money to individuals which are all embedded with cryptocurrency algorithms.
Cashaa works to match cash transfer requests submitted by anyone in the world on live deals by matching the deals with cryptocurrency traders around the world. It is the cash sender that starts the process chain on Cashaa by selecting the amount to send, and then amount he/she wants to be delivered to the recipients local currency is matched by the cryptocurrency traders.