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, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including Humaniq.co where hs is interim CMO, DECENT.ch, Inchain, Chronobank, eGaas and others. He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List.

As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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