One of the first listed companies to work on blockchain technology, BTL Group, has closed a new funding round. The company raised C$15.3 million ($12 million) to launch a marketing effort for its third generation industry agnostic blockchain platform.
In contrast to many companies out there that are aiming to disrupt existing industries, the Interbit solution which BTL is developing aims to provide a more efficient way to store and handle data for businesses.
The company is aiming to launch the solution in the first quarter of 2018. BTL has already delivered the solution to a number of traditional businesses in the energy, financial services, registry, and gaming sectors.
The blockchain solution will be delivered to companies on a licensing basis which can then use InterbitTM to suit their specific needs. Clients can then build their own solutions on top of the blockchain layer or partner up with BTL.
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The CEO of BTL, Dominic McCann, said: “As we have proven throughout this year in our customer journeys, InterbitTM meets the requirements of industry via its scalability and privacy, with the platform using its multiple connected blockchains, aiming to handle hundreds of thousands of transactions per second.”
“Our plan is to deliver a product that will be relevant in many years to come, as we envisage widespread enterprise adoption of blockchain technology,” he stated.
Last year the TSX Venture Exchange listed company partnered up with VISA Europe to create a system for sending money over blockchain.
The scalability of the company’s platform for different businesses provides them with a scalable and flexible product. Interbit was tested by BP, Eni and Wien Energie to set up a 12 week pilot for energy trading confirmation. After the successful completion of the project, BTL invited more energy companies to join the project before launching its commercial product.