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These are the most funded cryptocurrency startups in the UK right now

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Cryptocurrencies disrupt traditional banking and financial systems. The adoption of digital currencies by traditional financial institutions and corporations has increased in recent months.

Big names like JPMorgan, Goldman Sachs, Morgan Stanley, PayPal, Tesla and others are heavily involved in the market right now. On the other hand, the underlying blockchain technology has the potential to revolutionize various industries beyond fintech.

In the UK, the popularity of cryptocurrencies has grown dramatically recently, signaling a new era in digital payments. Several companies and startups in the UK are now focusing on cryptocurrencies and blockchain as this is set to be the next big thing in the fintech world.

Startups like Blockchain.com, Elliptic, Wirex and others have secured funding from investors to accelerate their growth and blockchain technology applications.

In this article, we have listed the UK-based cryptocurrency companies that have received the most investments using the Sonovate List Report.

Photo credit: Blockchain.com

Blockchain

Founders: Benjamin Reeves, Nicolas Cary and Peter Smith

Funding: £ 382m

Founded: 2011

Location: London

Blockchain.com offers digital wallets to buy, trade in crypto, send, receive, secure and borrow digital currencies. The company’s goal is to revolutionize the $ 14 trillion financial services industry.

TO ADJUST

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Founder: Peter Randall

Funding: £ 31.2m

Founded: 2015

Location: London

setlit develops blockchain-based solutions for financial markets, asset management and payments. The company enables market participants to move cash and assets directly between each other, which facilitates the immediate and final settlement of market transactions.

BitStamp

Bitstamp

Founder: Nejc Kodric

Funding: £ 9.7m

Founded: 2011

Location: Aldermaston

Bitstamp is the longest running cryptocurrency exchange in the world that has continuously supported the Bitcoin economy since 2011. The platform enables companies and individuals worldwide to buy and sell Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash.

Elliptical

Elliptical

Founder: Tom Robinson

Funding: £ 27.7m)

Founded: 2013

Location: London

Elliptic is a provider of crypto asset risk management solutions for crypto companies and financial institutions. The company prevents, detects and tracks criminal activity in cryptocurrencies.

It also identifies illegal activity in cryptocurrencies and provides actionable information for cryptocurrency companies, financial institutions, and government agencies.

Humaniq

Founder: Alex Fork

Funding: £ 3.6m

Founded: 2016

Location: London

With its cryptocurrency, Humaniq is a new generation financial service that aims to eradicate the poverty of millions of people in emerging markets.

With blockchain banking, the company seeks to tackle the global problem of financial exclusion for those who do not have a bank account.

WirexPhoto credit: Wirex

Wirex Limited

Founders: Dmitry Lazarichev, Georgy Sokolov, Pavel Matveev

Funding: £ 6.3m

Founded: 2014

Location: London

Wirex Limited is a hybrid personal banking platform. Wirex is based in London and aims to make cryptocurrencies and traditional currencies the same and accessible for everyone.

With the company’s app and next-gen Wirex card, users can quickly and securely purchase, store, exchange, and spend a variety of conventional and digital currencies with no hidden fees. The company recently listed AAVE, LINK, MKR, UNI and YFI coins on its platform.

Beehive terminal

Hi-terminal

Founders: Dejan Jovanovic, Jure Soklic

Funding: USD 1.5 million (approx. GBP 1 million)

Founded: 2017

Location: Faringdon

Hiveterminal is a blockchain-based platform that provides SMEs with fast and inexpensive liquidity.

With blockchain, the company is cutting costs, automating processes and eliminating duplicate invoices to provide small businesses with new sources of financial liquidity.

Satoshi pay

SatoshiPay

Founder: Meinhard Benn

Funding: £ 2.1m

Founded: 2014

Location: London

SatoshiPay offers solutions for cross-border B2B money transfer and smooth micro-payment processing via its blockchain-based instant payment platform.

Last year, the company signed a contract with the German bank Bankhaus von der Heydt to become the first user of the Euro-Backed Stable Coin (EURB).

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Founder: Karsten Becker

Funding: $ 1 million (approx £ 706,000)

Founded: 2015

Location: London

Senit is a digital platform that enables users to buy, sell and trade cryptocurrencies. Senit uses stablecoin technology to minimize customer risk, along with industry leading AML + KYC to ensure the highest levels of compliance and security for our users.

The company supports powerful accounts, trading, treasury, customer support, rewards, currency exchange, security and compliance management tools.

Parity technology

Parity technologies

Founders: Jutta Steiner, Gavin Wood

Funding: £ 585K

Founded: 2015

Location: London

Parity is intended to enable companies and organizations to benefit from blockchain technology and benefit from the new possibilities. The company develops software solutions for companies and industries to unlock the full value of decentralized technology.

Coinform

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Founders: Grant Blaisdell, Maciek Ziolkowski, Pawel Kuskowski

Funding: £ 1.9m

Founded: 2016

Location: London

Coinfirm is the world’s leading provider of regtech for digital currencies and the blockchain-based financial ecosystem. The company specializes in blockchain anti-money laundering (AML) services and fraud investigations. It also offers the largest blockchain coverage in the industry and supports more than 1,500 crypto assets, including Bitcoin and the ERC-20 standard.

electron

Founder: Joanna Hubbard

Funding: £ 545K

Founded: 2015

Location: London

Electron develops distributed ledger or blockchain systems for the energy sector. The company unlocks the value of decarbonizing energy systems by enabling granular, market-based interactions designed by users themselves.

Celsius

Celsius network

Founders: Alex Mashinsky, Nuke Goldstein, S. Daniel Leon

Funding: £ 23.6m

Founded: 2015

Location: London

Celsius is a blockchain-based marketplace platform where membership provides access to curated financial services not available through traditional financial institutions. Celsius specializes in consumer credit, fintech and financial services.

layers

Founders: Chris Trew, Zoltan Biro

Funding: £ 425,000

Founded: 2016

Location: London

Stratis is a flexible blockchain development platform designed for the needs of real-world financial services and businesses. The platform offers APIs and frameworks that enable companies to build applications.

Credits

Founders: Eric Benz, Nick Williamson

Funding: £ 390K

Founded: 2014

Location: London

Credits is a blockchain platform provider offering software for distributed ledger technology and cloud-based services, with tools to build secure and scalable blockchains to run applications for businesses and the public sector.

Coin bottom

Founder: Obi Nwosu

Funding: £ 348K

Founded: 2013

Location: London

Coinfloor enables verified users to buy and sell Bitcoin on an open trading floor. The company serves the different needs of institutional or experienced investors and professional traders and offers its customers access to secure and transparent exchanges for trading and investing in cryptocurrencies.

Magnr

Founders: George Samman, Joe Lee, Vincent Hoong, Joseph Lee

Funding: £ 318,000

Founded: 2013

Location: London

Magnr builds financial services for Bitcoin. The platform enables users to earn interest on their Bitcoin holdings with Magnr Savings or take advantage of price volatility with Magnr Trading.

MatrixVision

Founders: Anthony Hope, Kyle DuPont, Marco Crispini

Funding: £ 155K

Founded: 2013

Location: London

MatrixVision is a SaaS company focused on improving anti-money laundering compliance. The portal reduces the friction losses of Know Your Customer by summarizing a large number of test results, documents sent by e-mail, Excel spreadsheets and too many manual steps in a single, company-wide view.

dinner

Founders: Janina Lowisz, Kumar Gaurav, Felice N. Covelli, Celestine Vettical

Funding: £ 3.5m

Founded: 2016

Location: London

Cashaa is a blockchain-based P2P marketplace that enables money transfers by matching senders and recipients with cryptocurrency traders.

Vaultoro

Founder: Philip Scigala

Funding: £ 776K

Founded: 2015

Location: London

Vaultoro is a financial technology company specializing in trading digital assets and commodities.

SpectroCoin

Founders: Mantas Mockevičius, Vytautas Karalevicius

Funding: £ 77,000

Founded: 2013

Location: London

SpectroCoin offers an all-in-one solution for virtual currencies in Europe. The services offered include a wide range of Bitcoin solutions, from the exchange to the Bitcoin e-wallet. The company is building its business policy on the Bitcoin philosophy of making financing faster, smoother and more flexible.

Trade wave

Founder: James Potter

Funding: £ 70,000

Founded: 2014

Location: London

Tradewave is a web-based algorithmic trading platform for cryptocurrencies. With this platform, anyone can write a trading algorithm and test it for free.

Cryptopay

Founders: Dmitry Gunyashov, George Basiladze

Funding: £ 46K

Founded: 2013

Location: London

Cryptopay is a wallet and payment platform on which merchants and consumers can conduct transactions with one another. The company offers crypto wallets, debit cards, B2B payments and investments.

BlockVerify

Founders: Paul Tanasyuk, Pavlo Tanasyuk

Funding: £ 37,000

Founded: 2015

Location: London

BlockVerify offers a blockchain-based anti-counterfeiting solution.

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Founder: Oliver Mitchell

Funding: £ 35,000

Founded: 2014

Location: London

Ripula is a currency-independent global payment and account management platform that enables limitless transactions in real time using the distributed ledger technology of the Ripple protocol.

Verity.io

Founders: Donald Jackson, Rhett Trickett

Funding: £ 16K

Founded: 2015

Location: London

Verity.io offers certified digital documents that are stored on the blockchain. The company’s rapid certification service enables companies to start certifying their documents right away.

Money Guide app

Founder: NA

Funding: $ 10,000 (approximately £ 7,000)

Founded: 2016

Location: Sheffield

Money Guide app offers currency conversions on the fly. MoneyGuide is a financial planning software platform that provides fast, easy and scalable solutions through its innovative configurations including MoneyGuideOne, MoneyGuidePro, MoneyGuideElite and MyBlocks.

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Former US Treasury Secretary Larry Summers: Cryptocurrency Will ‘Do Better Regulated’ – Regulation Bitcoin News

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Former US Treasury Secretary and World Bank chief economist Larry Summers says cryptocurrencies will be better regulated rather than treated as a libertarian paradise.

Larry Summers sees crypto benefiting from strong regulation

Lawrence Summers, who served as Treasury Secretary in the Clinton administration and director of the National Economic Council of the White House in the Obama administration, spoke about regulating cryptocurrencies in an interview with Bloomberg on Friday. Summers, a former chief economist at the World Bank, is currently President Emeritus of Harvard University.

He was asked why regulators around the world are “deeply skeptical” about cryptocurrencies. China, for example, is taking action against crypto activities. Summers began by stating that the word “crypto” implied a “desire for secrecy in relation to large financial sums” and stated:

When large sums of money happen in secret, there is a risk of money laundering, the risk of assisting various types of criminal activity, and the risk of innocent people being ripped off.

“The truth is, if we didn’t regulate flight safety, we wouldn’t have a viable aircraft industry,” he continued. “We wouldn’t have the transportation system we would have if we didn’t regulate car safety.”

He added that the blockchain-based payments industry “will be more solidly regulated rather than trying to be some kind of libertarian paradise,” noting:

I think the crypto community needs to recognize this and cooperate with governments, and when they do. I think this innovation can be one of the most important innovations of this time.

The former chief economist at the IMF pointed out that some people believe in the idea that cryptocurrency will be “some kind of libertarian paradise where we won’t be able to enforce banking rules like knowing your customers”. [KYC]where we can move money freely and avoid taxes. “

Summers said, “I think it’s a realization that all industries need to arrive with systemic importance,” added:

It’s not entirely dissimilar to the discussion about big tech companies. You need a regulatory framework. Not only do they need it to protect their consumers, they need it for their own protection.

He concluded by saying, “If we didn’t have a strong SEC, we wouldn’t have the New York Stock Exchange as the center of the world stock market,” and emphasized, “Even if people don’t like the rules of the time.”

What do you think of Larry Summers’ comments? Let us know in the comment section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of Liability: This article is for informational purposes only. It is not a direct offer or solicitation to make an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Coal to cryptocurrency: An answer to grid volatility?

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A Midwestern utility company is testing a new tool to cope with variability on the web: mining bitcoins.

St. Louis-based Ameren Missouri, the state’s largest utility company with 1.2 million customers, began mining cryptocurrency in April. When demand is low and electricity is cheap, computers in a 20-foot metal container on site at the Portage Des Sioux coal-fired power station in Ameren race to “mint” a digital coin by looping through complex mathematical calculations.

Ameren Missouri executives see the initiative as research and development rather than a speculative bet on Bitcoin, the price of which has fluctuated sharply this year. It is seen as a pilot project designed to help meet electricity demand with an intermittent energy supply as more and more wind and solar projects go online.

Electric utilities around the world are increasingly tied to the energy-hungry cryptocurrency industry. In the US, however, Ameren is unique among investor-owned utility companies as it is directly involved in mining bitcoins.

Critics argue that the industry is a lifeline for aging fossil fuel power plants at a time when the deepening climate crisis calls for a quick switch to carbon-free energy sources (Energywire, June 24). The fact that Ameren mines bitcoins on-site at a giant coal-fired power plant – one of four that encircle the St. Louis metropolitan area – will almost certainly be scrutinized.

Ameren Missouri, based in St. Louis, says the effort could help reduce its carbon footprint. The utility has to respond to more fluctuating wind and solar power on the regional grid and is looking for ways to avoid having its power plants ramp up and down to meet demand as this is inefficient and can increase emissions.

Warren Wood, vice president of regulatory and legislative affairs for the utility, likened it to using cruise control on the freeway to driving in stop-and-go traffic in the city.

“We have pretty dramatic load changes from minute to minute, sometimes from second to second,” Wood said in an interview. “We need something that can ramp up and down really quickly to be a really effective tool for balancing.”

He is quick to point out that the pilot is initially funded by the utility shareholders and is free to Missouri fee payers.

Ameren initially tried to include $ 8,000 in electricity bills for 309,000 kilowatt hours of bitcoin mining-related energy use in its fuel reimbursement formula, but withdrew the application to the Public Service Commission after the state’s consumer advocate had questioned him earlier this year.

“If Ameren Missouri wants to get into speculative commodities like virtual currencies, it should be done as an unregulated service where installment payers are not faced with their economics,” said Geoff Marke, chief economist for the Missouri Office of the Public Counsel, said on a file . “This endeavor goes beyond the scope of intended regulation of utility companies and, if allowed, creates a slippery slope that could ask fee payers to provide capital for virtually anything.”

However, executives said the initiative could benefit customers if the concept works. And they are encouraged after the first four months.

The pilot has also piqued the interest of Missouri’s top energy regulator, Public Services Commission Chairman Ryan Silvey, who said he was interested in convening a technical workshop on the matter before he even learned about the Ameren project.

Silvey, a former Republican senator, told E&E News that he has a personal interest in digital currency. And a recent piece of news about an aging hydropower dam in New York state being used to mine bitcoins made him think further about the potential of cryptocurrency as a network asset.

Silvey said it was appropriate for Ameren to take all risk of the project at this point as it has not been reviewed in front of the PSC and other parties. But Missouri law allows utility companies to run pilot programs and look for alternative sources of income that could be used to lower tariffs.

“When a company offers us a program that presents little or no risk for consumers to benefit from, I find it exciting,” said Silvey.

But can Bitcoin mining bring value to the web?

Joshua Rhodes, a research fellow at the Webber Energy Group at the University of Texas at Austin, has researched the impact of Bitcoin mining in Texas and changed his mind about the potential benefits. Texas has become a global hub for cryptocurrency mining after China announced a series of restrictions on digital currencies in May, some of which are aimed at curbing carbon emissions.

“I think that [miners] can add great value, especially how fast they can move up and down, ”said Rhodes. “They can move up and down faster than some traditional generators, which is of value … especially if they are able to monetize the crypto assets.”

According to Ameren, the mining operations at the Sioux plant initially only consume half a megawatt and, depending on grid conditions, can be started up within a minute and shut down again within 20 seconds.

“We talk for a minute or less to turn it on or off,” said Wood. “You really have a good mechanism to try to get a better balance of the grid between your generating resources and the load.”

Questions about coal

Bitcoin mining has been widely criticized for its enormous power consumption – more than 121 terawatt hours worldwide – an amount that exceeds the power consumption of countries like the Netherlands and Argentina, according to the Cambridge Center for Alternative Finance.

But industry defenders, including Twitter co-founder Jack Dorsey, claim that bitcoin mining can advance the energy transition and enable the development of renewable energy and energy storage by helping break down barriers to their disruption and lack of transmission are connected.

“Bitcoin miners as a flexible charging option could potentially help solve much of these disruption and congestion problems so that the grids can use significantly more renewable energy,” said Dorsey’s other company Square and shareholder Ark Invest in an April white paper.

Among the skeptics is Andy Knott, deputy regional director of the Sierra Club’s Beyond Coal campaign.

The Sierra Club recently began research into bitcoin mining and its impact on the power grid after news reports of bitcoin mining operations powered by coal waste, natural gas and nuclear power plants, Knott said.

These projects include a cryptocurrency miner in northwest Pennsylvania that plans to run its operations on waste coal.

“It clearly generates electricity demand, and what will it cover besides the existing electricity generation on the grid?” Said Knott.

However, Ameren officials said just because the pilot is physically housed at the Sioux plant doesn’t mean bitcoin mining is coal-tied. The aim of the project is initially to validate the concept.

Alex Rojas, director of distributed technologies at Ameren, said that because the mining operation is modular, it can be relocated to other locations on the utility’s grid, be it an underutilized substation or a wind or solar farm.

“Renewable energies that cannot be shipped, such as wind and solar energy, urgently need this capability,” he said. “Putting this technology in one place would be of great help.”

Rhodes didn’t reject the idea that mining bitcoins to balance electricity supply and demand can be a net benefit in terms of carbon emissions. But he said it depends on how this affects the shipping of different power plants.

“It can have a positive impact on emissions when operated properly,” he said. “It can also increase emissions when it doesn’t.”

Ameren’s executives did not specify how long the pilot would last or how its success would be defined.

However, Rojas, who leads Ameren’s research and development work, said the results so far are promising and he sees the potential to use bitcoin mining modules for grid balancing on the same scale as energy storage in California with 20 to 80 megawatts per location .

“Something similar could happen with that,” he said. “It’s that scalable.”

For now, the utility is content with keeping the project running unchanged.

So far, Ameren has mined about 20 “coins” and produces a new one about every 15 days.

The utility said it doesn’t care about the volatility of Bitcoin, which peaked above $ 63,000 in April and has hovered around $ 44,000 in recent weeks. That is still over 300% more than last year.

Rather, it sees the mining process itself as the primary value that is being created and bitcoins as a by-product.

“The goal is not to mine crypto,” said Wood. “It’s really running a data center that happens to be producing crypto.”

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US Senator Calls On SEC Chairman To Provide Regulatory Clarity On Cryptocurrencies – Regulation Bitcoin News

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A US senator has asked the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, to provide clear guidance on cryptocurrency regulation. The Senator stated that in many enforcement actions, “the SEC has failed to identify the securities involved or the reasons for their status as securities, which would have provided much-needed public regulatory clarity.”

US Senator wants the SEC to provide clear guidelines on crypto regulation

Senator Pat Toomey, ranked member of the U.S. Senate Committee on Banking, Housing, and Urban Development, wrote a letter to SEC Chairman Gary Gensler on Friday regarding the regulation of cryptocurrencies.

His letter followed Gensler’s testimony before the Senate Banking Committee last week. Toomey began:

I’m writing to address the concerns I raised at the hearing about the need for regulatory clarity around emerging technologies such as cryptocurrencies, including stablecoins.

“In order for investors to benefit from a fair and competitive market, regulators must proactively provide rules on how to get to industry,” the Senator said that the SEC “has instead adopted a strategy of regulation through enforcement in this area.” To date, the commission has launched more than 75 enforcement actions against the crypto industry, fines and penalties totaling more than $ 2.5 billion against crypto companies and individuals.

At the Senate hearing, Gensler extolled “the SEC’s success in pursuing crypto-related enforcement measures.” Toomey noted, however, that “in many of these enforcement actions, the SEC failed to identify the securities involved or the reasons for their status as securities, which would have provided much-needed public regulatory clarity.”

SEC Commissioner Hester Peirce is also concerned about the SEC’s approach to crypto regulation. She criticized her own agency in August for taking an enforcement-oriented approach to crypto regulation.

The Senator from Pennsylvania noted that the SEC’s approach was tied to Gensler’s belief that “the likelihood is pretty slim” that a given cryptocurrency platform has no securities. For example, Gensler told Senator Elizabeth Warren at the hearing that the Nasdaq-listed crypto exchange Coinbase (Nasdaq: COIN) could have dozens of tokens, which could be securities.

Recently, Coinbase was forced to abandon its plan to launch a loan product after the SEC threatened legal action and the company alleged it had received no explanation from the regulator. In the meantime, the security guard is in an ongoing proceeding with Ripple Labs and its executives as to whether XRP is a security.

Senator Toomey emphasized:

The SEC has a responsibility to do more than just provide probabilistic estimates.

The Senator concluded his letter with a list of questions for Gensler to answer for additional guidance on crypto regulation.

What do you think of Senator Toomey asking SEC Chairman Gensler to provide clear guidance on crypto regulation? Let us know in the comment section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of Liability: This article is for informational purposes only. It is not a direct offer or solicitation to make an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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