Crypto-currency outfit Epiphyte triumphs at Innotribe Startup Challenge
02 October 2014 | 10300 views | 8
US-based crypto-currency startup Epiphyte has emerged as the winner of the Innotribe Startup Challenge at Sibos in Boston.
With Bitcoin riding high on the agenda at the Swift conference, Epiphyte triumphed over a field of nine other start-ups to walk away with a $50,000 cash prize following a competitive 10-minute pitch at the incubator's final Sibos session.
To qualify for the challenge, eligible start-ups had to be less than three-years old and have no more than $1M in combined revenue and investment in the last 12 months.
Epiphyte is deploying enterprise software that allows the pre-installed systems of financial institutions to 'talk' to crypto-financial networks. Using the service, banks, for example, will be able to integrate with cryptocurrencies over traditional protocols like Swift.
Epiphyte says its first product provides banks with a low risk way to provide services to their customers. The firm says it will be rolling out a pilot implementation of the product with "marquee clients" over the coming few months
A second Innotribe face-off between six later-stage or 'innovator' companies was won by MatchMove, which delivers a social entertainment and e-commerce platform-as-a-service.