London - based blockchain start - up Tramonex has been made a small electronic money institution on a restricted registration by the Financial Conduct Authority . The registration is the first time that this type of financial services provider has been given permission to offer electronic money . > Join the iFX EXPO Asia and discover your gateway to the Asian Markets Marc Avedissian, co-founder of Tramonex Labs, commented: “Automation of payments using the blockchain and smart contracts will reduce costs of transactions, allowing for the adaptation of this solution across many different fields such as insurance, real estate and government, to name only a few. Google , which was previously given a £ 250,000 grant by the UK government , will now be able to conduct a trial to test the use of smart contracts for the management of donation transfers to people over blockchain . Working with Swedish 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 registration is the first time that this type of financial services provider has been given permission to offer electronic money . Google , which was previously given a £ 250,000 grant by the UK government , will now be able to conduct a trial to test the use of smart contracts for the management of donation transfers to people over blockchain . Working with Swedish start - up alice.si , the company will receive funds and transfer the corresponding amount in e - money through a self - executing smart contract .