A blockchain technology startup, BTL Group Ltd. (CVE:BTL), is scheduled to go live on the TSX Venture Exchange on Friday.
The startup, an unfamiliar name in the industry until now, says that it will be launching a solution for borderless instant money transfers using blockchain technology. Its platform, Interbit, would be used for remittances from Canada or the UK to several countries in South America, Southeast Asia and Africa.
Bitcoin’s blockchain and analogous distributed ledger systems inspired by it are envisioned to streamline the transfer of securities, currencies and other assets. BTL says that its solution can reduce the cost of remittances to some countries by 80%.
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Not too many other details are available on the startup’s website, whose headline simply highlights its successful listing on the TSX Venture Exchange. It joins Vogogo (CVE:VGO) as another crypto-oriented startup on the exchange (It is now unclear if GoldMoney (CVE:XAU), formerly BitGold, also makes use of the blockchain).
It reversed merged with Northern Aspect Resources Ltd, a holding company traded on the exchange whose market capitalization is roughly C$3 million ($2.23 million).
BTL also stated that it has secured C$2 million ($1.52 million) in funding from a number of individual investors and UK-based Vela Technologies.
Furthermore, it says to have been recently accepted into FinTech accelerator Level39 in London.