Tramonex Scoops £250,000 UK grant for Blockchain-based cross-currency payments

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London-based forex startup Tramonex has scored a £250,000 grant from the UK government to develop a prototype for cross currency payments using Blockchain technology.

Marc Avedissian, co-founder and COO, Tramonex, said:

“It’s only a question of time until Blockchain technology goes mainstream and becomes the standardised option for cross-currency transfers. With this grant, Tramonex wants to provide a platform to create a common standard, to ultimately reduce the time and cost to transact across currencies.”

Tramonex says that the money, secured through Innovate UK, will let it build a prototype to facilitate conversion and settlement services using Blockchain ledger technology, slashing average transaction times from days to under a minute.

In addition, the startup claims the prototype will cut the transfer costs significantly, making FX services much more affordable to small and medium businesses. Currently, the firm says, traditional banks often still consider SMEs too risky, limiting their ability to trade across borders, and charging them uncompetitive commission fees.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) – Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, “The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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