During the recent few months, a part of the open-source digital asset Electra Protocol (XEP) team has been working on commercializing their products in development. Thus, in recent weeks the creation of the company Evoblox has allowed the company to assert its presence on the international market of blockchain and to achieve major advances for its first fundraising.
Evoblox: The commercial solutions of the Electra Protocol blockchain (XEP).
Electra Protocol is a community-based open-source project leveraging the XEP blockchain based on the most up-to-date bitcoin-core technology. Instead of the traditional Proof of Work, Electra Protocol operates on an enhanced 100% Proof of Stake 3.0 model.
During the beginning of April, the Electra Protocol management team wanted to allow commercial use of its innovations. From this thought, the Evoblox company was born.
Evoblox is involved in developing, improving, and commercially exploiting solutions using the capabilities of the XEP blockchain.
Evoblox is a financially separate entity from Electra Protocol. Nevertheless, the company supports the project financially, in the form of donations to the Electra Protocol Foundation and technologically, where significant improvements to the blockchain are developed by the company and submitted to the community project. These include smart contracts, validator nodes, and further technology upgrades.
Evoblox is targeting several markets:
– Payment and funds transfer (multi-crypto solutions, digital currencies, …)
– Traceability and Data management.
– Turnkey solutions (white label type).
Some examples of current developments include: private payment solutions for Smart Cities, cross-border money transfer services, customized environments for food companies.
These markets are currently expanding rapidly. The company is responding to a growing demand from customers who want to either develop new products or integrate blockchain into their existing business.
Evoblox invited to Panama to present its solutions
Invited by the German Embassy in Panama and BVMW (the organization representing 900,000 German small and medium-sized enterprises), Evoblox exhibited its blockchain solutions at a private event organized by Germany and Panama that took place from June 27 to July 4.
The conference, held in Panama City, was attended by national companies, the Chamber of Commerce, and the Panamanian government.
Blockchain technology, as well as cryptocurrencies, have a growing interest in Latin America; Panama is no exception. The country is blacklisted by the United States as well as the European Union due to its lack of regulation on international financial platforms.
To remedy this problem, the country’s official channels are currently exploring different tracks. Blockchain technology is the most likely to solve the problem of transparency in the international markets. Getting out of this ‘tax haven’ status will allow Panama to open its economy to global trade.
Evoblox presented several tracks using blockchain as the main tool for transparency and guarantee of transactions. The company was able to explain and demonstrate how the use of its products could make transactions secure and traceable, with the aim of transparency for international transactions.
As a result of the company’s public lecture, important business relationships have been established, and private demonstrations have been set up in response to industry and government demand. The working groups are currently at work, and their results will be made public in due course.
A major fundraising effort
In order to honor the contracts resulting from these last weeks of work, Evoblox had to call upon capital investors to ensure the development of the company.
Through this first seed round, Evoblox’s main objective is to accelerate the deployment of its payment system and continue developing its traceability and data solutions to efficiently meet its order book.
Several European investment funds have applied to support the company in its growth. One offer, in particular, caught the attention of Evoblox’s founders, combining a large capitalization with significant commercial support.
At the time of writing, the discussions are nearing completion, and the signing of the agreement should be made public in the coming weeks.