Tramonex gets FCA approval for pilot to issue digital currency
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. 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.

Tramonex, a London-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term startup which previously received a £250,000 grant from the UK government, has now been granted a restricted registration as a Small Electronic Money Institution by the Financial Conduct Authority (FCA). This is the first time that this kind of financial services provider has been granted this kind of permission to issue electronic money.

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This registration enables Tramonex to conduct a pilot, in collaboration with another fintech startup alice.si, testing the use of smart contracts to manage donation transfers to a charity over blockchain in a regulated environment. During the test donors will transfer funds to Tramonex’s segregated account, and it will issue the according amount of e-money and automatically transfer that amount to charity, through a self-executing smart contract.

Marc Avedissian

Marc Avedissian, co-founder of Tramonex Labs, commented: "Automation of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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. Previously the missing link was lack of regulation - Tramonex Labs is very proud to provide a regulated environment where digital payments can be executed in a secure and transparent way."

Tramonex sees this opportunity as the first step in revolutionising payments on the blockchain. They say that with the reduction in cost and execution via smart contracts will come the elimination of the middlemen. One of the most significant outcomes will be ‘banking the unbanked’: enabling international payments for those who do not enjoy access to the traditional banking and financial infrastructure.