Scotcoin Targeting a $250M Market Debut
Scottish fintech Scotcoin will be listing on a tier 1 cryptocurrency exchange this February valuing the project at $250 million (£200 million), signifying a a very important milestone for The Scotcoin Project (TSP) Community Interest Company.
A Strategic Market Entry
Scotcoin will be paired with Tether (USDT), the world’s leading dollar-backed stablecoin, ensuring liquidity and accessibility for traders. The exchange, averaging a daily trading volume of $3 billion and ranked among the global top 20, highlights the strategic ambition behind this launch. While the specific platform remains under wraps, its identity will be revealed closer to the listing date, pending market conditions.
A Purpose-Driven Ecosystem
Unlike many cryptocurrencies focused mostly on speculative gains, Scotcoin has a clear mission: leveraging blockchain for societal good. Since its inception, the token has been actively used to address pressing social issues, including providing food, clothing, and shelter through partnerships with charities and third-sector organisations. Currently held by 6,000 individuals globally, Scotcoin is steadily gaining traction as a payment method across diverse sectors.
The funds raised through the listing will propel the project’s vision further. Temple Melville, CEO of Scotcoin, shared his enthusiasm:
“Our objective is to use the medium of crypto to help create a more equitable world. This listing will enable us to establish a dedicated team to engage preferred partners and expand the ecosystem. These partnerships will focus on basic necessities—food, clothing, and shelter—offering value to those in need rather than relying solely on donations.”
Empowering Community and Business
Scotcoin’s integration into the broader economy has already demonstrated its potential. Charities and organisations accepting Scotcoin as payment stand to benefit not only from operational efficiencies but also from the direct value of token transactions. This novel approach removes the need for free handouts and replaces them with a sustainable exchange of goods and services.
Additionally, the project will enhance its ecosystem by recruiting a full-time management team and onboarding more partner organisations. This structured expansion is expected to catalyse adoption, making Scotcoin a viable alternative payment solution.
A Visionary Future
Scotland has long been a hub of innovation, and Scotcoin’s ambitious trajectory aligns with the nation’s fintech aspirations. As highlighted in the FinTech Scotland Roadmap, digital assets and blockchain technology play a pivotal role in shaping an inclusive, sustainable financial future. Scotcoin’s commitment to addressing financial inequality and fostering an ecosystem for social impact positions it as a game-changer in the crypto space.
Scottish fintech GiftRound’s Wins the Great British Entrepreneur Awards
GiftRound was named the Innovation Entrepreneur of the Year at the 2024 Great British Entrepreneur Awards (GBEA) thanks to its remarkable contributions to the group gifting market, making the processes more inclusive and efficient.
A Win for GiftRound and Scottish Entrepreneurship
Held at the Grosvenor House in London, the awards ceremony brought together top innovators and changemakers from across the UK. GiftRound’s recognition was a proud moment for the company but also for Scotland’s vibrant FinTech community.
Founder and CEO Craig Forsythe shared his thoughts:
“It was great to attend the Great British Entrepreneur Awards in London and be in a room full of amazing entrepreneurs representing such a broad spectrum of industries. To have GiftRound recognised as a winner is an amazing achievement and recognition of our journey and the amazing efforts of our dynamic team who are passionate about making group collections easier.”
This prize reflects GiftRound’s innovative approach to solving everyday challenges in group gifting—creating a seamless, secure, and inclusive platform for managing group collections. GiftRound puts customers at the centre of the experience, setting a new benchmark in the sector.
Recognising the Impact of Entrepreneurs
The GBEA, often described as “The Grammys for Entrepreneurship,” is in its 12th year of honouring individuals and businesses that drive innovatio.
Francesca James, founder of the awards, emphasised the significance of this recognition:
“This year’s winners collectively generate over £3 billion in turnover and employ over 20,000 people. These extraordinary individuals are not only transforming industries but also uplifting communities and inspiring the next generation of business leaders.”
What’s Next for GiftRound?
The GiftRound team remains focussed on expanding their impact, enhancing user experiences, and driving innovation in the group gifting space. They’ll continue to empower communities and bring people together through technology.
The Rise of Digital Wallets
Season 4, episode 9
Listen to the full episode here.
In this episode of the Fintech Scotland podcast, host Mickael Paris discusses the rise of digital wallets with guests Tim Sabanov, Maxim Galash, and Bill Buchanan. The conversation explores the definition of digital wallets, the key drivers behind their rise, the role of digital identity, and the impact of regulation. The guests highlight the importance of education and strong use cases for mass adoption, as well as the potential of digital wallets to address financial inclusion for the unbanked population.
Zumo Triumphs as Crypto Company of the Year at Fintech Finance Awards 2023
Scottish fintech Zumo has been crowned Crypto Company of the Year at the Fintech Finance Awards 2023.
The Winning Edge
The award, judged by a panel of expert judges including Suresh Vaghjiani from CLOWD9, Chris Skinner of The Finanser, and other notable figures, recognises Zumo’s dedication to delivering compliant and sustainable technology solutions. These solutions empower financial institutions to introduce secure and trusted digital asset products to their customers.
Zumo’s Vision and Mission
Zumo’s mission focuses on making digital assets better for the planet, emphasising compliance, sustainability, and broad accessibility via API. Their commitment to these values has positioned them as a pioneer in the cryptoasset domain.
Expansion to the UAE
Following its UK success, Zumo is now venturing into the UAE market, aligning with the Abu Dhabi Global Market’s (ADGM) ambition to be a global hub for regulated digital assets. Nick Jones, Zumo’s CEO, sees this as a strategic move to place Zumo at the heart of one of the world’s most dynamic digital asset markets.
Environmental Consciousness
In response to growing climate concerns associated with digital assets, Zumo launched ‘Oxygen’ in 2023. This initiative is designed for financial institutions to address the scope 3 emissions from digital asset activities, showcasing Zumo’s commitment to environmental stewardship.
Industry Leadership
Zumo has been instrumental in aligning the Jacobi Asset Management’s Spot Bitcoin ETF with net-zero principles. This marks a significant milestone in digital asset investing and demonstrates Zumo’s capability to drive innovation in this sector.
For more insights into Zumo’s impact on digital asset investing and their innovative approach, visit their website at zumo.tech.
Blockchain’s potential in securing the UK fintech ecosystem
Today we’re looking at a dissertation by Gerald Lee, a student at the University of West England, which presents a compelling examination of blockchain technology’s transformative potential in securing the United Kingdom’s fintech ecosystem.
As the industry confronts a surge in cybersecurity threats, the research timely explores how blockchain can not only mitigate these risks but also fortify trust amongst consumers and stakeholders.
The dissertation adopts a robust mixed-methods framework, combining quantitative surveys of fintech firms across the UK with qualitative insights from industry experts, and illustrative case studies of entities pioneering blockchain integration. This triangulated approach provides a multifaceted view of the blockchain’s impact, capturing its empirical benefits and the practical challenges in adoption.
Key findings reveal that blockchain’s decentralised and immutable ledger could revolutionise cybersecurity measures within fintech, offering resilience against data breaches and fraud. Nevertheless, this research doesn’t shy away from the intricate barriers to blockchain’s widespread adoption, including regulatory uncertainties, integration complexities, and the delicate balance of transparency versus privacy concerns.
With a strategic blend of theory and empirical investigation, the dissertation underscores the urgent need for a coherent strategy among fintech firms, policymakers, and technology developers. The conclusion offers actionable recommendations, positioning strategic blockchain adoption as a cornerstone for a more secure and trustworthy UK fintech landscape.
This research stands as a significant contribution to both academic discourse and industry practice, highlighting the nuanced dynamics between emerging technologies and cybersecurity imperatives in the digital finance realm. Its implications extend beyond the UK, serving as a blueprint for global fintech markets aiming to leverage blockchain as a bulwark against the evolving cyber threatscape.
You can read the full dissertation here.
Photo by Leeloo Thefirst: https://www.pexels.com/photo/smartphone-pen-calendar-and-eyeglasses-on-flat-surface-7887800/
Special Scotland Fintech Festival 2023 – Nicola Anderson, CEO at FinTech Scotland
Season 3, episode 10
Listen to the full episode here.
Scotland Fintech Festival took place between the 21st of September and the 12th of October. With over 50 events the festival was a real success this time again.
During the launch event, the Fintech Summit, we recorded special episodes in collaboration with collaboration platform Findr.
In this episode we speak with Nicola Anderson, CEO at Fintech Scotland about the festival itself as well as initiatives that are underway, delivering the recommendations of the UK Research & Innovation Roadmap.
Scotcoin Partners with Blockraise: A Major Leap in its Web3 Journey
Scottish fintech Scotcoin has taken an important step forward in its journey towards accessibility and impact. The Scottish cryptocurrency has appointed Blockraise, a Zurich-based Web3 venture accelerator, as its strategic partner to guide its expansion and listing in the global cryptocurrency market. This move is set to open up new possibilities for the project and bring ethical cryptocurrency into the mainstream.
The Role of Blockraise
Blockraise will play a pivotal role in making Scotcoin accessible to a global audience. The Zurich-based firm will provide valuable guidance to Scotcoin in several key areas, including liquidity strategy, community expansion, and tokenomics design. This collaboration with Blockraise is a significant step toward the project’s listing of tokens in the coming months.
A Vision for Scotcoin
Scotcoin’s vision extends beyond just being another cryptocurrency. The project seeks to create a vast ecosystem by forging partnerships with third sector organisations and private sector businesses willing to accept Scotcoin in exchange for a wide range of goods and services. Initially focusing on essentials like food, clothing, and shelter, this approach could have a profound impact on communities and individuals alike.
For instance, consider a clothing shop with unsold garments that would typically go to waste. With Scotcoin, a charity can purchase these items, providing a sustainable solution for both the business and the charitable organisation. This innovative approach could revolutionise how we think about currency and its impact on our society.
Opening Doors to More Participants
By listing Scotcoin on cryptocurrency exchanges, the project aims to increase its accessibility to a broader audience. The Scotcoin Project’s marketing and treasury division will provide financial support and regulate the distribution of tokens to ensure responsible and controlled growth.
Accessibility Through Scotscan.io App
Scotcoin offers a user-friendly solution for its community. Holders can easily exchange Scotcoin using the Scotscan.io app, available for download on Google Play and Apple’s App Store. This feature simplifies the process of transacting with the cryptocurrency and furthers the project’s goal of inclusivity.
A Promising Future for Scotcoin
The appointment of Blockraise as a Web3 partner marks an exciting and promising chapter in Scotcoin’s journey. Temple Melville, CEO of The Scotcoin Project CIC, is optimistic about the future. He stated,
“Appointing Blockraise is the next major step in our strategy to expand the Scotcoin community. The firm is well respected in the global cryptocurrency space, and we look forward to working with the team on this next phase of Scotcoin’s development, bringing the token to a much wider audience and helping to provide food, clothing, and shelter to those who need it.”
Zumo Unveils the Future of Digital Assets at Sibos 2023
Scottish fintech Zumo is at Sibos 2023 in Toronto to unveil a groundbreaking report that’s set to reshape the landscape of digital assets. Titled “Digital Assets 2023: Identifying Opportunities Across the Enterprise Landscape,” this report marks a significant milestone in the journey towards understanding and harnessing the potential of digital assets from an enterprise perspective.
A Pioneering Approach
“Digital Assets 2023” is not just another report; it’s a comprehensive survey, categorisation, and practical analysis of emerging opportunities within the global digital asset ecosystem. It is a deep dive into this nascent sector to uncover the possibilities it offers to businesses worldwide.
The report is backed by fresh insights from some of the biggest names in the digital asset and financial services industries. Collaborators include financial companies like HSBC, NatWest, and Visa, as well as blockchain innovators such as Ripple and Chainalysis. Notably, industry cooperative Swift, the organiser of Sibos, has also played a pivotal role by engaging its global community to explore how financial institutions can seamlessly integrate with the evolving blockchain networks.
A Glimpse into the Future
“Digital Assets 2023” serves as a roadmap for the evolution of blockchain technology from an enterprise perspective. It identifies four pivotal turning points that illustrate the progressive expansion of digital asset applications and participants, starting from the Bitcoin “big bang” moment (often referred to as ‘blockchain 1.0’) and culminating in the current ‘enterprise’ era (‘blockchain 4.0’).
To provide a clear understanding of the digital asset landscape, Zumo has created an enterprise ecosystem map that differentiates between consumer and institutionally-facing solutions, as well as investment versus applied use cases. The report then delves into the opportunities, challenges, and inter-relationships associated with nine specific use cases, categorised as early (institutional digital asset investment, institutional DeFi, web3), developing (tokenization, blockchain in industry, DLT for financial market infrastructure), and established (consumer-facing cryptoasset investment, and individual/business blockchain payments).
Insights from the Author
Daniel Taylor, Zumo’s Research and Policy Lead, and the mastermind behind this report, shared his thoughts on its significance:
“Active learning and knowledge development are integral to Zumo’s mission as a trusted partner for those venturing into the digital asset space. Today marks the dawn of the ‘enterprise’ era, where non-crypto businesses are actively engaging in all four quadrants of digital asset opportunity: consumer, institutional, application, and investment. Our report distills and synthesises these emerging opportunities, providing a comprehensive view of the digital asset and blockchain ecosystem.”
Download Your Copy
Explore the future of digital assets by downloading a complimentary copy of “Digital Assets 2023” at https://zumo.tech/digital-assets-2023/.
Unlocking Trust: Digital Wallets for Identity Verification and Asset Transfer
As part of Scotland FinTech Festival, the “Crypto FinTech Seminar” will outline some key areas of knowledge and innovation related to the usage of cryptography, blockchain, zero trust and quantum computers. We took some time to chat to Professor Bill Buchanan, who will be co-presenting the seminar along with Dr Mwarwan Abubakar, about the current trends and evolution of the digital assets space.
The fact that we still use our scribbled signatures and hard-copy contracts as a core method of proving our identity within high-value and high-risk transactions still amazes Bill Buchanan, Professor of Applied Cryptography at Edinburgh Napier University. Especially as these acts are often performed through the use of mainly untrusted communication systems such as electronic mail. “We still live very much with a paper-based approach to the ownership and the transfer of assets, and often see them poorly managed,” explains Buchanan. “Digital wallets can help solve this.”
Going forward, it is likely there will be a rise in the use of digital wallets, which can be used to transfer assets and – importantly – define ownership. A private key in a digital wallet can not only prove our identities, but also link to our ownership of assets, store our important digitally signed identity documents (such as our driving licence), and provide a way for us to digitally sign things. Improved methods of providing our identity will also likely include biometrics, hard tokens or our location information. At the core of this is public key encryption, which digitally transfers assets without the need for any network connection, and is a central component to moving into a more trusted digital world.
Nonetheless, a cautious equilibrium needs to be maintained between the rights of privacy and the requirements of compliance, such as with money laundering checks and fraud detection. While there are methods used in cryptocurrency that support a full anonymisation of asset transfers, it is unlikely that these would be allowed within a regulatory framework. “There are ways, though, to strike a balance between these things and instil strong levels of trust in transactions by using trusted financial organisations,” proffered Buchanan. “It is thus likely that we will see the rise of proxy entities (agents legally authorised to act on behalf of another party), who will shield the identities of those who are transferring assets, yet the transactions can still be fully checked.”
Going forward, regulation will be fundamental for providing trust, and licences will be needed to perform fully-auditable transactions. Overall, the key aim of the infrastructure behind digital assets must be for citizens to have a stronger integration with public services to move to a properly integrated digital world. “Unfortunately, without a strong identity infrastructure, we will struggle to scale our world into a more trusted one,” concluded Buchanan. “The EU, for example, now wants to roll out an e-ID digital identity for every European citizen, which will allow for closer economic and societal links across EU countries. This will support the freedom of movement across Europe and provide closer economic integration across borders.”
Embedded Payments: Paving the way for the future of business
Payments have always been the leading area of innovation for fintech companies in Scotland utilising open banking and embedded payments making it faster and more convenient to pay and transfer money both locally and globally. That is why Payments & Transactions was designated as one of the four key strategic priority themes of FinTech Scotland’s FinTech Research & Innovation Roadmap 2021-31.
Nick Adams, Director and Payments Experience Specialist at Modulr, spoke with us about how embedded account-to-account payments are enhancing the ability to seamlessly integrate payments into everyday experiences, enabling customers and businesses to make purchases without the need to input bank details, credit card or debit card information. Modulr is leading this category of B2B embedded payments and is registered as an Electronic Money Institution (EMI), enabling businesses to create accounts, control and access, receive and make payments, update systems and customers via webhooks – all on-demand through software.
“When people think about digital payments for businesses and the economy via ecommerce or other platforms they tend to think of card payment players like Checkout.com, Stripe, Braintree (part of PayPal) and then PayPal itself,” explains Adams. “Embedded payments is fundamentally different as it enables businesses to fully embed and control real-time money movements in and out of their businesses through software. The brands I mentioned, among many others, are third-party managed service providers that sit outside their clients’ business. They are focused on the checkout experience, but there’s a whole other area of business payments that has not been brought into the 21stcentury.”
By bringing embedded payments into their platforms, companies can offer their customers custom experiences that align much more to today’s consumer expectations, who want immediate notifications and frictionless payments like Uber and Amazon. Those businesses also want certainty in their Treasury functions on how much money they actually have at any point in time – a real-time view of their cash position. “Modulr enables hundreds of enterprise customers and thousands of SMEs to process and reconcile large volumes of payments automatically and in real-time rather than using antiquated batch processes,” describes Adams. “It’s providing access to real-time payments for all sizes of every business, from enterprises through to SMEs, to simply plug in through the same API and get the same control and visibility. This instils trust in both buyers and sellers, because they can actually see what’s happening in a transaction, instantaneously.”
From a personal perspective, Adams now considers himself a “payments guy” who, having worked for large global payments businesses, has now transferred to a Scottish fintech scale-up. His advice for those thinking of making a similar move:
- Don’t feel you have to be global from day one; payments is a globally fragmented industry and focusing on a country or region with harmonised payments regulation and processes makes sense. We’ve seen too many global-ambition payments startups fail due to over-stretch
- Promote the exciting opportunities of working in fintech to the talent derived from Scotland’s more traditional financial services businesses
- Be flexible with your teams, but spend as much time as you can together physically in the same space to create energy and move much more quickly.
Adams concludes, “What excited me about moving from a big corporate, to an early-stage scale-up was the ferocious speed and need to pivot constantly. It’s a very invigorating environment. Generally speaking, the people that are in it, I think are having great fun. I’d recommend this to anyone.”