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Blockchain Tech Limited (BTL) Group (TSX VENTURE:BTL) launched Interbit, its remittance platform, at the BC Tech Summit on January 18th and 19th in Vancouver, British Columbia.
Vancouver-based BTL launched the service with a live demo showing real-time remittances with low transaction costs for corridors from Canada to the Philippines and Mexico, the company said in a statement.
Guy Halford-Thompson, CEO of BTL, said: "Now that core development of the Interbit platform is completed, BTL will be working on the development of strategic business relationships to embed this platform into broad based remittance products, while expanding the number of countries to which customers will be able to remit money. Strategically leveraging blockchain technology into our Interbit platform should reduce the cost of remittances by over 80%."
BTL said it has also begun development on its second product offering, BTL Digital Asset Management ("DAM"), an immutable data store built on blockchain technology, to provide enterprise level customers data platforms for auditing, data security, biometric authentication and settlement.
BTL joined the fintech stable at Canary Wharf's Level 39 technology accelerator in 2015, and listed on the Venture Board of the Toronto Stock Exchange. The company also raised C$2m (£1m, €1.4m, $1.5m) from a group of investors including 2014 British Columbia angel investor of the year Shafin Diamond, mining magnates Harry Dobson and Brian Hinchcliffe, and Vela Technologies.
The Interbit remittance platform will connect users in Canada and the UK with corridors to South America, south-east Asia and Africa. Remittance from the UK and Canada was over $23bn in 2011.
Canada is a hotbed of crypto innovation. BTL was founded by Guy and Hugh Halford-Thompson, who are also behind bitcoin brokerage firm, Quickbitcoin. The brothers helped bring one of the first bitcoin ATMs to London in April 2014.