Billon received almost PLN 4.5 million (ca. EUR 850.000) in funding from the National Centre for Research and Development in Poland (NCBiR) under the Smart Growth program. The company plans to allocate the money to the further technological development of its breakthrough distributed ledger.
Billon as the first company in the world developed a blockchain-based electronic payment system using regulated currencies, intended for instant micropayments. The company received funding from NCBiR to develop a business solution serving underage customers. The solution could be used in particular in gaming and content monetization scenarios, where micropayments can have a real significance. The already existing payment solutions do not allow payments of such a low value as single eurocents or pennies, because the technological cost of transactions significantly exceeds their value, making them unprofitable.
Andrzej Horoszczak, Billon's CEO and founder: "An important feature of our payment system will be a maximum level of security of sensitive data stored in the public cloud. To achieve it, Billon will use the latest cryptographic methods, proprietary methods of private key security and proprietary methods of data storage. We are also planning to introduce automated agreements between parties by saving faster and better functioning smart contracts in our blockchain. As a result we will create a prototype IT solution, compatible with the payment system operating in the cloud and proven in real conditions."
We are also planning to introduce automated agreements between parties by saving faster and better functioning smart contracts in our blockchain.Andrzej Horoszczak, CEO and founder of Billon
There are two big challenges ahead of the company. Firstly, Billon plans to introduce escrow (an encrypted account to conduct transactions when one site is offline) in its solutions Secondly, the company wants to modernize smart contracts: blockchain-based legally binding agreements that are automatically created, monitored and enforced without the use of intermediaries, such as notaries or law companies. For that reason Billon intends to hire more personnel and establish partnerships with universities. The company's business goal is to further develop the gaming platform for teenage people who do not have a bank account due to legal requirements.
This is the second grant Billon received from NCBiR. Earlier, the company received PLN 150,000 as part of the GO_GLOBAL program to prepare an international expansion strategy. Recently, Billon also received 100,000 dollars from the Fintech 71 startup accelerator to develop business presence in the USA. Among other previous grants, Billon received 2 million euros from the prestigious Horizon 2020 program by the European Commission.
About the National Centre for Research and Development
The National Centre for Research and Development is the implementing agency of the Minister of Science and Higher Education. It was appointed in the summer 2007 as an entity in charge of the performance of the tasks within the area of national science, science and technology and innovation policies. When if was founded, it was the first entity of this type, created as the platform of an effective dialogue between the scientific and business communities.
Billon reinvents the technology behind money. The company has developed a evolutionary instant payments solution using advanced cryptography and distributed ledger. This technology supports all national currencies, complies with financial regulations and eliminates barriers of time and distance blocking previously the flow of money - it cares about the needs of people in the digital age.
Billon has found the way to create current accounts on a proprietary digital ledger with the aim of providing frictionless payments solutions at low cost. We are the 1st fintech company to solve problems of cumbersome and expensive trillion dollar alternative payments market, eliminating the need for vouchers, pre-paid cards, and other semi-cash payment methods. Billon builds pioneering white label products and customised solutions for companies that wish to reinvent corporate incentive payments and build digital engagement. The company also offers ready to use merchant services and content monetization tools.
Billon has been accepted by Polish banks and is an FCA registered eMoney institution. We have offices in London, Warsaw and recently the US. For more information, please visit www.billongroup.com