Last checked at 2 Sep 2016 08:40
2 September 2016
Vela Technologies plc
("Vela" or the "Company")
Further re investment in BTL Group Ltd- project with Visa Europe Collab
The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, notes the announcement released on 1 September 2016 by BTL Group Ltd. ("BTL"), a technology company based in Vancouver, Canada, focused on developing blockchain technologies to disrupt and transform existing industries.
BTL has announced that it has entered into a project with Visa Europe Collab to explore potential applications for blockchain technology in the financial services ecosystem.
Vela currently holds 741,666 shares in BTL representing a c. 4.7% equity interest in the fully diluted issued share capital of BTL, which is listed on the TSX Venture Exchange.
Extracts from the BTL announcement are copied below.
"BTL GROUP LTD. (TSX VENTURE:BTL) ("BTL" or the "Corporation") is pleased to announce that it has entered into a project with Visa Europe Collab to explore potential applications for blockchain technology in the financial services ecosystem. The project will use BTL's cross-border settlement platform Interbit to explore the ways in which a blockchain-based settlements can reduce the friction of domestic and cross border transfers between banks - reducing cost, settlement time, credit risk, and by leveraging smart contracts to automate many of the regulation and compliance requirements of domestic and international transfers. A small number of European banks have been invited to participate in the project.
Further information about the project can be found at: http://vision.visaeurope.com/cross-border-blockchain/
While this project is for nominal value and there is no assurance that the Corporation's relationship with Visa Europe Collab will progress beyond the project, it does represent revenue generation by the Corporation.
About BTL
BTL is a technology company whose current business is focused on developing blockchain technologies to disrupt and transform existing industries. Technology is developed in-house and through BTL's incubator and accelerator programs, based in Vancouver, British Columbia. BTL's first technology platform is a remittance business called Xapcash which, combined with BTL's proprietary cross border settlement technology (Interbit), is focused on leveraging blockchain technology to create rapid and cost effective "cash-in cash-out" settlement solutions from Canada and the United Kingdom to target countries.
The announcement by BTL can also be found at the following link:
http://www.marketwired.com/press-release/btl-group-announces-project-with-visa-europe-collab-tsx-venture-btl-2154831.htm
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