LUXEMBOURG - May 18, 2017 - SnapSwap among 11 private companies and the State of Luxembourg incorporated the non-profit Infrachain a.s.b.l. dedicated to leapfrogging the adoption curve of blockchain solutions in a trusted and compliant-aware manner. Initially announced by the Prime Minister in November 2016 at the Luxembourg Internet Days as a coalition of willing distributed ledger innovators, the Infrachain initiative and its diverse members is now kicking it into high gear. The private entities are a mix of larger and smaller, technical and non-technical organizations that see the business opportunities arising from a technology that provides substantial efficiency while creating new legal and business model challenges. Establishing Infarchain SnapSwap joined forces with InTech, LuxTrust, Telindus, Scorechain, KYC3, Bitbank, Grant Thornton-Abax Consulting, Deloitte, KPMG, Allen & Overy and the State of Luxembourg.
Infrachain is part of the Luxembourg ecosystem’s efforts to position itself as a blockchain competence hub and to attract the rare but much needed blockchain developers to the country. "Infrachain will strive to build a governance structure and work on the legal uncertainties limiting the use of blockchain technology today, while staying completely open to new technology and new actors" said the Prime Minister, Xavier Bettel.
SnapSwap plays a unique role in the initiative as the first and only regulated Electronic Money Institution in Europe that can issue payment instruments denominated in Euro and other fiat currencies to distributed ledgers in full compliance with EU payment services regulations.