Blockchain company BTL Group raises £9m to launch Interbit platform

Blockchain companyBTL Group has raised C$15.3 million (£9m) to help build out its Interbit platform, which aims to go live in early 2018.

The capital raised ensures the Company is able to build its technical team and commence a sales and marketing drive in conjunction with the launch of the platform. The objectives are to onboard enterprises who can license InterbitTM to either build their own applications or partner with BTL, as well as target technology teams and developers to encourage adoption, enabling them to use the JavaScript coding language to build and share applications, said a statement.

Dominic McCann, CEO of BTL, said: "We are delighted to have completed this funding round, where we saw significantly increased investor demand given the recent progress and exciting news from the Company. The capital will be used to rapidly expedite our go to market strategy for our third generation blockchain platform, InterbitTM.

"As we have proven throughout this year in our customer journeys, InterbitTM meets the requirements of industry via its scalability and privacy, with the platform using its multiple connected blockchains, aiming to handle hundreds of thousands of transactions per second. Our plan is to deliver a product that will be relevant in many years to come, as we envisage widespread enterprise adoption of blockchain technology."

BTL is listed on Canada's TSX Venture Exchange (TSX Venture: BTL) and has operations in both Canada and the UK. The main focus has been on remittances, which BTL has collaborated with Visa's digital innovation teams on. The company has also been applying its blockchain to the energy and gaming sectors.