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Tramonex Receives £248,000 from UK Government to Build Ethereum Prototype Blockchain Foreign Exchange Platform

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The #UKgovernment has awarded £248k to a startup that is building a cross-border payments tool using #Ethereum ....

 #InnovateUK , which was allocated £561 million to back innovative #fintech startups within #Britain , has awarded £248,000 to London-based #Tramonex , a #blockchain developer firm tasked with designing a #prototype #foreignexchange #remittance system....

According to the abstract, the £248,000 grant will used for building a blockchain-based platform that can execute 10-minute foreign exchange transfers. The platform will be fully automated and will perform all the necessary KYC/AML procedures to remain compliant with existing regulations....

Tramonex, founded in 2013, is led by Berraoui, a former managing director for Deutsche Bank’s foreign exchange business, and Marc Avedissian, who previously worked for Goldman Sachs.

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....Currently, Tramonex is in the process of applying for an #emoney license like the one obtained last month by #bitcoin startup #Circle . Berraoui said he expects the entire process to take about four months.....

....Tramonex will also be required to demonstrate the functionality of the platform to the #UK #FinancialConductAuthority as well as several other regulatory agencies, in order to get approval for use in the marketplace....

The award by the UK government follows in the footsteps of other projects focused on #borderless transactions that have emerged in #Europe in recent years.

Since 1994, members of the European Economic Area have allowed what is called " #passporting " of one another’s financial licenses for fellow EU members as well as Norway, Iceland and Liechtenstein. Last November, that infrastructure laid the foundation for Visa Europe to test its own remittance proof-of-concept for cross-border transactions using the #bitcoinblockchain .....


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