It is revealed today (Thursday September 28) that Etch, a UK business hosting an Initial Coin Offering (ICO) that runs until Wednesday October 18 2017, is receiving support from one of the world’s ‘big four’ accountancy firms, KPMG.
Chris Mills, head of Blockchain for KPMG UK said, “Etch is a superb initiative because it provides guaranteed payments in real-time for all work completed, something that no other platform is currently known to achieve.
“There are clear and immediate benefits, particularly for low and average income workers, who make up the clear majority of the population.
“Etch stands out as it leverages blockchain, mobile and digital technologies in a customer-friendly way. It uses smart technology to power intuitive apps that deliver exactly what’s needed in a simple and neat format for those most in need of cash flow.
“What’s also noteworthy is that Etch has an exceptionally strong delivery team who are well placed to deliver long term growth plans.”
Etch is the first approved decentralised app (dapp) created with the support of the London-based Construction Blockchain Consortium, a group of leading UK champions of disruptive technology who are transforming the building environment. The Etch platform is particularly applicable to the construction industry where the payment system can be complex and late payments can cripple otherwise successful businesses.
Headed up by Welsh-born, London-based technology entrepreneur Euros Evans, Etch, is a new blockchain-based payroll system that allows employers to pay workers second by second. The start-up is raising £5million to develop the platform.
KPMG is also advising on the best business practice for the current ICO phase, encompassing valuations, tax implications, risk framework, governance and controls.
Recipients of the Etch technology will be paid in the currency of their choice and can arrange for part payment to a family member at home or abroad. It uses an innovative payroll card that will be accepted at millions of locations worldwide. Additionally, the system allows those who do not have bank accounts to be paid securely.
The Etch system will use its own token, called the Etch Token (symbol: ETCH). Euros Evans said, “Billions of the world’s population live paycheque to paycheque, a situation that can lead to mounting debt, stress and poor health. The Etch solution enables employers to pay their employees in real time. If, for example, they don’t have any money at the beginning of the day, their morning’s work will mean they have enough money for lunch and other purchases.
“When people are being paid as soon as they’ve earned it, we can reduce the need for payday loans and other such instruments to plug spending gaps, as well as improving employees’ peace of mind.
“We will use Ethereum blockchain technology to unify payroll and remittance services to create a platform that not only benefits employees, but reduces business inefficiencies, saving them time and cost in payroll.”
Etch comprises a team of highly-skilled innovators including Etch CTO Tomasz Mloduchowski, a former MIT student of computational physics and supercomputing. Tomasz has been involved in blockchain since 2010, has worked on a number of technology projects and is also a technology consultant for a number of financial institutions.
As well as Euros and Tomasz, Etch has a talented technical team including engineers Joshua Richardson and Denis Lukianov, and digital entrepreneur Ben Whyte. Joshua is a blockchain engineer and programmer who deployed his first commercial software at the age of 13. Denis created a prototype for Bitcoin future’s exchange and invented Compact Confidential Contracts in 2015. Etch Community Manager, Ben Whyte ran his first business at the age of 14 and later became a blockchain consultant and business developer.
For more information about the Etch and the token sale please visit https://etch.work.
Etch White Paper https://app.etch.work/static/files/Etch_White_Paper.pdf
Construction Blockchain Consortium https://www.constructionblockchain.org/
High resolution images are available on request. Euros Evans is available for interview. For further information please contact Adam Betteridge at firstname.lastname@example.org, George Murdoch at email@example.com or Tina Fotherby at firstname.lastname@example.org or call 0333 344 2341.
Alternatively, if you would like to contact Etch directly, please contact Ben Whyte at email@example.com.
About Euros Evans
Euros Evans is the CEO of Etch. He spent over 25 years in the construction industry. First, he worked as an apprentice builder with his father before studying to become an architect.
Always having an interest in innovation, in 1993 he co-founded the UK’s first student accommodation website. Realising the potential of blockchain he set up N.O.M.A.N in 2015 and built a community of 900-plus, forging strong relationships with the people who have now become key members of the Etch team.
About Chris Mills
Chris Mills is business development director, Investment Management & UK head of Blockchain at KPMG UK.
He is directly responsible for 10 Priority Accounts of the UK Investment Management practice. He mobilises KPMG's full resources to improve his clients' growth, profitability and deliver to their chosen strategy.
As the head of UK Blockchain, he is responsible for leading our propositions, delivery and commercialisation of all blockchain initiatives in the UK.
As part of the combined Insurance and Investment Management Sales & Marketing team, he assists in growing a £200m revenue business in the UK alone.
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