Blockchain Firm BTL Group Raises $12 Million to Market Interbitbr>
Canada-based blockchain firm BTL Group has raised $12 million in its latest funding round. The money will be used to to launch a marketing effort for Interbit, the company’s third generation, industry agnostic blockchain platform.
Operating from both Canada and the UK, BTL offers blockchain solutions to businesses across multiple industries, in particular the finance, energy, and gaming sectors. The company’s Interbit platform automates many back office processes – including confirmations, actualizations, invoice generation, settlement, audit, reporting and regulatory compliance – allowing enterprises to significantly reduce risk, costs, and the threat of cyber-attack, as well as increasing their trading opportunities.
In July, BTL successfully completed its European energy trading pilot. The pilot put the Interbit blockchain-based energy trading confirmation distributed application system through its paces during an intensive 12-week pilot test. The process included building and then evaluating the platform’s performance in eight test scenarios. It also enabled the participating companies – BP, Eni Trading & Shipping and Wien Energie – to assess other areas of their business in which they can use the platform. The company is aiming to launch Interbit next year, which will be delivered to companies on a licensing basis.
“The capital will be used to rapidly expedite our go to market strategy for our third generation blockchain platform, InterbitTM,” said Dominic McCann, CEO of BTL. “As we have proven throughout this year in our customer journeys, InterbitTM meets the requirements of industry via its scalability and privacy, with the platform using its multiple connected blockchains, aiming to handle hundreds of thousands of transactions per second. Our plan is to deliver a product that will be relevant in many years to come, as we envisage widespread enterprise adoption of blockchain technology.”