Crypto Projects From The United Kingdom
This blog post will cover:
- Cryptocurrency projects from the UK
- Fetch.ai (FET)
- Wirex (WXT)
- Electroneum (ETN)
- Radix (XRD)
The UK is in the top-20 most developed countries in the world, which makes a good foundation for such tech-heavy projects as ones in the sphere of crypto – from the best cryptocurrency exchanges in the UK to artificial intelligence and blockchain analytics. In this article, we have a look at five different ambitious crypto projects that deal with a variety of technologies.
Trying to keep up with the development in technologies and the financial sector, the British government is taking steps to introduce crypto into their regulation system. In July 2022, they published the UK Financial Services and Markets Bill. The authorities advocate for open and technologically advanced (yet safe) financial services. So far, the regulation dealt with stablecoins, which are seen as the bridge into the Crypto World.
Another reason to believe that the UK is changing its approach towards being more crypto-friendly was the election of Liz Truss as the head of the Conservative party and her appointment as the British Prime Minister. Even though it is not particularly what one would expect from a conservative political figure, Liz Truss has advocated for removing some of the regulations in regards to crypto so that not to restrain their potential.
And now Rishi Sunak, who has been elected to replace Liz Truss as British Prime Minister, has a reputation for being pro-crypto, just like the previous leader of the Conservative Party. While being a Finance Minister, Sunak advocated for modernizing the British economy and saw turning the UK into a “global crypto asset technology hub” as a solution to the economic challenges the country is facing at the moment. The politician believes this is a way to attract investments. The first step towards this goal is the legislation of stablecoins in the payments regulatory area. This is seen as quite a safe way to introduce crypto into the regulatory system of the state because they are linked to fiat currencies. If Rishi Sunak’s outlook on the Crypto World remains the same, we are likely to see a significant change not only in the policies of the UK but also around the world.
Cryptocurrency projects from the UK
Now let's look at some of these projects!
This Cambridge-based Fetch.ai (FET) project has an ambitious goal of using artificial intelligence and machine learning to simplify those aspects of the economy that now require a lot of manual control. The team wants to automate economic transactions in multiple marketplaces by creating an environment where such important parts of the economy as hardware, people, services, etc. all have digital representatives, and AI solves potential problems before they even occur. The project has its own token (FET) used on its network for payments.
An impressive example of the technology implementation is the collaboration of Fetch.ai with German manufacturing and technology company, Bosch: they want to use AI to foresee potential errors in manufacturing processes.
WXT (Wirex Token) is a cryptocurrency of the Wirex fintech company based in London. They have created a payment platform that features both cryptocurrencies and fiat money in one place. Customers can pay for goods and services using the multicurrency Wirex cards wherever the regulations allow it and earn cashback paid in WXT. One can buy, sell, and exchange Wirex tokens, and also use them to access DeFi. Card fees depend on the customer’s location. New clients have to go through the process of identity verification.
Often regarded as the first British cryptocurrency, Electroneum Ltd launched ETN tokens back in 2017. Now it is a mobile-first crypto project, meaning that the company puts efforts into making the product accessible to smartphone users: the team underlines their desire to enable people from developing countries to join the digital market. What is more, Electroneum has a patent-pending technology for instant crypto payments. It is a moderated blockchain: the company monitors the behaviour of its node operators (responsible global organizations) to enhance security. At the same time, the project is trying to be more transparent, opting for a fully public blockchain.
Dan Hughes started his company Radix (called eMunie at first) in 2013 in the UK. At present, Radix distributed ledger technology allows to develop decentralized finance (DeFi) applications by providing a full-stack layer-1 protocol. The project also offers so-called “DeFi Lego bricks” - templates that allow the development of new decentralized applications based on existing ones or creating new protocols. XRD is the native token for the network, which is used to pay transaction fees. Also, those developers who manage to improve the protocol get rewards in XRD.
The Elliptic project was started in 2013 in London to monitor blockchains and prevent financial crime in the sphere of crypto. Eventually, the company started producing compliance tools. Now they provide blockchain analytics, training, and certification not only for businesses but also for financial institutions and regulators.
It seems like there is great variety when it comes to British crypto projects, which is hardly surprising given the fact that the UK is a technologically advanced country with a modernized economy. Nowadays the British government is trying to adapt its policies to the quickly changing sphere to hopefully be more pro-crypto, which could facilitate the work of its many projects.
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