BTL Group wants to expand the already bustling blockchain market in Canada.On November 6th, 2015, BTL group became the first blockchain company traded on the Toronto Stock Exchange. They also raised $2 million CAD in venture capital from a group of private investors.By early 2017, the company became ranked as a TSX Venture 50 company. Companies receive this ranking if they are amongst the top ten in each of five major industry sectors: mining, oil & gas, clean technology & life sciences, diversified industries, and technology. The ranking is based on a formula that considers the return on investment, market cap growth, trading volume and analyst coverage.
BTL Group was founded by Guy and Hugh Halford-Thompson. The brothers have over 6 years experience in the blockchain industry. They previously founded Quickbit, a Bitcoin trading company that introduced one of the first Bitcoin ATMs to the UK.The brothers saw early on the power that the blockchain technology behind Bitcoin had the power to transform society. They wanted to become the premier provider of blockchain solutions across all industries, foreseeing the explosive growth that would happen in this sector.Their first office was in the Canary Wharf district of London, UK. BTL Group’s move to open offices in Toronto, Calgary and Vancouver was due in part to Canada becoming a hotbed for blockchain innovation.
In October of 2017, BTL Group filed a patent for their blockchain technology Interbit, an enterprise-grade private blockchain development platform.The power of Interbit is it interconnectivity, linking private blockchains on the server side to public blockchains. “Interbit now has the capacity to operate and inter-connect many thousands of Interbit blockchains per server in a secure, private, and scalable manner”.Interbit is a one-stop-shop for companies wishing to integrate blockchain technology into their applications. When implementing Interbit, developers can quickly build applications that integrate the power and robustness of the blockchain.The company has already worked with Visa on a proof of concept of a cross-border settlement platform. The test was powered by BTL’s Interbit platform and built with it’s partner in the project, Visa.The company also partnered with BP, Eni Trading & Shipping, and Wien Energie to test if their blockchain could help streamline many of their processes. The 12-week pilot project had multiple successes. The test showed noted improvement in many areas including invoice generation, settlement and regulatory compliance while reducing risk, costs and the threat of cyber-attack.
The explosive growth of the blockchain sector has exceeded the predictions of most experts. Innovation in blockchain technology is occurring at a rate that makes it nearly impossible to stay fully ahead of the curve. The foresight of the Halford-Thompson brother’s put BTL Group ahead of the pack. Their Interbit product is filling a new demand from business wanting to integrate blockchain technology into their systems.While no advantage lasts forever, the growth in blockchain innovation means other startups may be on their heels soon.Image credit: Interbit
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