40% Companies of UK's Sandbox to Use Blockchain

Companies use distributed ledger technology for different goal, from debts to API
04 July 2018   731

The Office of Financial Conduct Authority (FCA) of Great Britain published a list of 29 companies that will become participants of the fourth group in the "sandbox" of the regulator. 40% of these companies use distributed registry technology, Cointelegraph reports.

FCA Sandbox is an initiative that helps companies test their products and services on a "live" market. At the same time, the regulator assumes the protection of consumers and, at the same time, does not limit the company. "Sandbox" was part of the initiative called "Innovate", which was launched in 2014. Since then, applications for participation in Innovate have been submitted by more than 1,200 companies, and about 500 have received support.

For the fourth round of participation in the "sandbox" 69 applications were submitted, of which 29 companies were selected. Interestingly, more than 40% of them use distributed ledger technology in their activities, with six companies using it to automate the issuance of debt or capital. In addition, two companies use a distributed registry to calculate insurance, and the rest - for geolocation, API or artificial intelligence.

The regulator also noted that a "small number" of firms approved for participation in the "sandbox" have a relationship to "cryptoassets". Companies, taking into account the risks, should assess how their solutions are suitable for customers.

Cohort Four has seen a large increase in the number of firms testing wholesale propositions including firms that are aiming to increase the efficiency of the capital-raising process. Alongside these we can see significant use of [DLT], some experimentation with cryptoassets which will help inform our policy work and propositions aimed at helping lower income consumers.

Christopher Woolard

Executive Director of the Strategy and Competition Department, FCA

In March this year FCA, after the success of the British "sandbox", launched a similar initiative for the global market. Woolard then stressed that the regulator sees the need for a global sandbox for those companies that "grow at real scale and pace." He noted that 90% of companies from the first group of the sandbox participants entered the real market.

Samsung to Invest $2.9M in Ledger

The fact of a round of investments was confirmed by a spokesman for Ledger, but he did not disclose details
25 April 2019   42

The developer of hardware wallets Ledger attracted 2.6 million euros ($ 2.9 million) from the South Korean conglomerate Samsung. The company's investment valuation reached $ 290 million, according to the French edition of Capital.

Thus, the very fact of a round of investments was confirmed by a spokesman for Ledger, but he did not disclose details. Co-founder Eric Larchevêque, who had recently transfered power to the new CEO Pascal Gauthier, also did not shed light on the details of the transaction.

Larchevêque himself will focus on the company's strategy, cooperation with regulators and legal compliance as the executive chairman.

Ledger raised $ 7 million in a round of financing for Series A in early 2017, which was headed by MAIF Avenir, a division of large French insurance company with the support of Xange, Wicklow Capital, GDTRE, Libertus Capital, Digital Currency Group, The Whittemore Collection, Kima Ventures, BHB Network and Nicolas Pinto as an individual investor.

At the beginning of 2018, a round of financing for Series B took place, within which the hardware wallets maker raised $ 75 million. The round was led by Draper Esprit, the other participants were Draper Venture Network, FirstMark Capital, Cathay Innovation and Korelya Capital.