London-based blockchain start-up Tramonex has been made a small electronic money institution on a restricted registration by the Financial Conduct Authority. They say that with the reduction in cost and execution via smart contracts will come the elimination of the middlemen. The company is one of several that have emerged in recent years to offer digital currencies as an alternative payment method. Tramonex, which was previously given a £250,000 grant by the UK government, will now be able to conduct a pilot to test the use of smart contracts for the management of donation transfers to charities over blockchain. Working with fintech start-up alice.si, the company will receive funds and transfer the corresponding amount in e-money through a self-executing smart contract.
London-based blockchain start-up Tramonex has been made a small electronic money institution on a restricted registration by the Financial Conduct Authority. The company is one of several that have emerged in recent years to offer digital currencies as an alternative payment method. Tramonex, which was previously given a £250,000 grant by the UK government, will now be able to conduct a pilot to test the use of smart contracts for the management of donation transfers to charities over blockchain. Working with fintech start-up alice.si, the company will receive funds and transfer the corresponding amount in e-money through a self-executing smart contract.