UPDTAE: bobsguide has published its blockchain start-ups to watch in 2018
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 full rundown of technology. Today we’re bringing you 10 UK blockchain start-ups to watch 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 safely recording all meter readings with cryptography to ensure it can’t be tampered with. With millions of homes in the UK now fitted with smart 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 12 as director, alongside Paul Ellis who leads the business as CEO and Jo-Jo Hubbard as COO.
Total equity funding to data: $550k
Qadre is a UK-based start up that focuses on creating blockchain for identity. The company creates building blocks of robust blockchain that address the challenges of establishing identity and authentication in many industries.
Qadre 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 impact. The company works across a variety 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 experiences 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 new universe of being direct.”
Total equity funding to data: $4.72m
Coinsilium is a London-based blockchain and investment company that focuses 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 2015 to deploy a multi-asset and multi-currency payments and settlements infrastructure based on blockchain technology. The company works to enable market participants to move cash and assets directly between each other, and allow direct and immediate 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 allows international trade to occur on currency exchanges. The main feature of the blockchain start-up focuses on trading with digital currencies.
Total equity funding to data: $12.4m
Bitstamp is an online bitcoin marketplace that allows individuals from all over the world to safely buy and sell bitcoins. The start-up 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 second largest by volume. It allows trading between 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 allows users to profit from a dormant bitcoin. The UK based start-up allows 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 guaranteed full 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 allows 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 easy digital payments using digital platforms. Circle use open internet standards including blockchain technology, which allows users to use their platform for free, to send and receive payments internationally. The company aims to create even faster 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.
If you enjoyed this article don't miss our top 10 UK fintech companies to watch in 2017.