Founded in 2007, Innovate UK is a non-departmental public office dedicated to fostering innovation through grants and investments.
Once complete, the prototype will be submitted to the Financial Conduct Authority – a key finance regulator in the UK – and other as-yet-undisclosed regulators for approval.
Currently, Tramonex is in the process of applying for an e-money license like the one obtained by bitcoin startup Circle.
The award by the UK government follows in the footsteps of other projects focused on borderless transactions that have emerged in Europe in recent years.
Since 1994, members of the European Economic Area have allowed passporting of one another’s financial licenses for fellow EU members as well as Norway, Iceland and Liechtenstein.
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