Business
Update on investment in BTL Group Ltd.
Update on investment in BTL Group Ltd..
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 2935M Vela Technologies PLC 19 January 2016 \n\n19 January 2016\nVela Technologies plc\n(\"Vela\" or the \"Company\")\n \nUpdate on investment in BTL Group Ltd.\nThe Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, would like to update shareholders on progress at BTL Group Ltd. (\"BTL\"), a technology company based in Vancouver, Canada, focused on developing blockchain technologies to disrupt and transform existing industries. BTL announced on 18 January 2016 the launch of its blockchain remittance platform (Interbit) at the BC Tech Summit. Extracts from the BTL announcement are copied below.\nVela holds a c. 5% equity interest in the fully diluted issued share capital of BTL, which is listed on the TSX Venture Exchange.\n'BTL GROUP LTD. - (TSX VENTURE: BTL) (\"BTL\" or the \"Corporation\") is pleased to announce that it has been invited to showcase its blockchain technology at the BC Tech Summit, January 18th & 19th, 2016 in Vancouver, British Columbia. At the Summit, BTL will be launching Interbit, its remittance platform, with a live demo showing real-time remittances and displaying the low transaction costs of those remittances. The live Interbit demo will demonstrate the ability of this platform to significantly reduce the cost of remitting funds from Canada to the Philippines and Mexico. In addition, BTL has accepted invitations to meet during the event with a number of companies seeking opportunities to innovate using blockchain technology. BTL seeks to build on its accomplishments by developing strategic business relationships and a client base for its innovative blockchain technologies.\n\"Now that core development of the Interbit platform is completed, BTL will be working on the development of strategic business relationships to embed this platform into broad based remittance products, while expanding the number of countries to which customers will be able to remit money,\" said Guy Halford-Thompson, CEO of BTL. \"Strategically leveraging blockchain technology into our Interbit platform should reduce the cost of remittances by over 80%.\"\nBTL has also started development on its second product offering, BTL Digital Asset Management (\"DAM\"), an immutable data store built on blockchain technology. By leveraging blockc...