Luxembourg Backs New Blockchain Group

Announcements, Blockchain, FinTech, Innovation, Investing, News | May 22, 2017 By:

The State of Luxembourg has partnered with 11 private actors to incorporate Infrachain a.s.b.l. – a non-profit dedicated to rapidly facilitating the adoption curve of blockchain solutions in a trusted and compliant-aware manner in the state.

The members are a mix of larger and smaller, technical and non-technical entities that see business opportunities arising from blockchain technology. Participants include InTech, LuxTrust, Telindus, Snapswap, Scorechain, KYC3, Bitbank, Grant Thornton – Abax Consulting, Deloitte, KPMG and Allen & Overy.

Infrachain is a part of the Luxembourg ecosystem’s efforts to position itself as a blockchain competence hub and to attract the rare, but much needed, blockchain developers to the country.

“The state is fulfilling its role as a kickstarter and a coordinator while leaving technological and commercial choices to the industry,” said Xavier Bettel, Luxembourg’s Prime Minister and Minister of Telecommunications. “With this project, we prove once again how Digital Lëtzebuerg can help our ecosystem by kickstarting meaningful projects in cutting-edge technology.”

Infrachain is a cross-industry effort that is not only focused on financial services. It plans to build a common community blockchain-as-a-service platform able to bring the numerous blockchain proof-of-concepts into operations. By providing a blockchain technology-agnostic governance layer on top of community-hosted blockchains backed by service level agreements, Infrachain can potentially serve as a deployment infrastructure with the flexibility and legal framework of private chains and the transparent governance of public chains.