Vela Technologies investment partners with Visa Europe Collab

Early-stage and pre-IPO disruptive technology investing company Vela Technologies was celebrating on Friday, noting an announcement released on 1 September by BTL Group.

The AIM-traded firm described BTL as a technology company based in Vancouver, Canada, focused on developing blockchain technologies to disrupt and transform existing industries.

BTL has announced that it has entered into a project with Visa Europe Collab to explore potential applications for blockchain technology in the financial services ecosystem.

Vela currently holds 741,666 shares in BTL, representing a 4.7% equity interest in the fully diluted issued share capital of BTL, which is listed on the TSX Venture Exchange.

“BTL Group is pleased to announce that it has entered into a project with Visa Europe Collab to explore potential applications for blockchain technology in the financial services ecosystem,” the announcement read.

“The project will use BTL's cross-border settlement platform Interbit to explore the ways in which a blockchain-based settlements can reduce the friction of domestic and cross border transfers between banks - reducing cost, settlement time, credit risk, and by leveraging smart contracts to automate many of the regulation and compliance requirements of domestic and international transfers.

“A small number of European banks have been invited to participate in the project.”