Scotcoin investor is on track for ‘transformative year’ in crypto currency

Fintech entrepreneur looks to expand business in coming months, writes Angus Howarth

Atech firm that was an early investor in Scotcoin, a digital currency for Scotland and the wider diaspora, is on track for a “transformative year” as it increases its training and educational functions.

SCOTESQ, one of only two UK CPD accredited Blockchain training providers in the UK, is targeting its first external funding round later in the year. Scotcoin was established by fintech entrepreneur Derek Nisbet in 2014 and the majority of the money supply and its associated intellectual property was acquired by David Low, SCOTESQ Chairman and business associates Temple Melville and Peter Mcgowan in early 2016.

It now has a US dollar value in the region of $8 million, which ranks it in the top 200 of global crypto currencies by market value.

As the only Scottish CPD (continuing professional development) accredited training provider and one of only two accredited providers in the UK, the SCOTESQ team is building a business stream in advisory services around the disruptive nature of blockchains and crypto-currencies with financial and professional services communities in London and Scotland.

SCOTESQ is developing a private blockchain for Scotcoin and other asset classes which will see Scotcoin migrate from the ‘Counterparty Blockchain’ – the main financial platform for Bitcoin – allowing Scotcoin to be traded directly with sterling and other fiat currencies.

The new blockchain will also comply with existing anti money laundering legislation in the United Kingdom.

David Low, chairman of SCOTESQ, said: “We identified at an early stage the disruptive nature of blockchains and the need for greater understanding amongst the professional community.

“The CPD presentations fulfil that requirement and interest and activity has increased considerably in recent months.

“Looking ahead, our immediate priority is to develop the private blockchain for Scotcoin and to manage the migration from the counterparty blockchain.”

SCOTESQ has also created an algorithm for a white label trading platform that will cater for the burgeoning secondary market in asset classes.

0 David Low, SCOTESQ chairman