Nivaura, a UK financial technology firm, has successfully launched their Ethereum based blockchain investment product using Microsoft Azure.
Avtar Sehra, Chief Executive and Chief Product Architect at Nivaura, said that he choose Microsoft Azure as the platform complies with guidance released by the Financial Conduct Authority (FCA), the UK’s financial regulator.
Nivaura, has successfully registered, cleared and settled a Principal Protected Note (PPN) linked to the FTSE 100 using an open public blockchain.
“using the Ethereum blockchain will be cheaper for companies launching investment products, as it reduces the need for middlemen and costs associated with post-trade registration, clearing and settlement.” – Sehra
Sehra went on to explain that a retail firm in the UK, using their Nivaura product, managed to slash their lifetime post trade administration costs from £30,000 to just £50.
In order to develop this groundbreaking blockchain investment product, Nivaura received extensive support from JP Morgan, Allen & Overy, Microsoft and afforded special conditions by the FCA Regulatory Sandbox.
When asked about financial start-ups on Microsoft Azure’s Blockchain Cloud Service, Matthew Kerner, Partner General Manager for Blockchain at Microsoft said:
“We are seeing a lot of momentum and excitement in this space”